JCM to Fund 100MW of Solar Projects in Japan
Toronto-based private investment firm JCM Capital has announced plans to co-develop and fund costs for approximately 100MW of PV projects in Japan. The company said it would focus on projects of 10MW and larger, and was seeking partners to develop project sites of 40 hectares and above. JCM will fund project costs through to the construction-ready stage and rely on its construction and long-term financing partners to build, finance and operate the projects. Further details have not been released.
JCM investments will be used for project-specific development costs such as land acquisition, engineering, legal negotiations and hard costs for the local development team. The company said it would only fund a project as long as there is a clear path to obtain all necessary permitting including a power purchase agreement, interconnection agreement, environmental approvals and land control. JCM’s CFO, Martin Ritchie, said:
“This expansion into Japan is a key part of our corporate strategy to grow our business internationally. We anticipate that Japan will continue to have explosive growth potential considering the great demand for energy, strong political will and the well-designed feed-in tariff programme.”
Christian Wray, JCM’s CEO, said: “JCM has the necessary capital and solar PV expertise to complement our local partners’ market knowledge and project management capabilities.”