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Press release
December 18, 2019
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FinDev Canada supports expansion of renewable energy in developing countries through investment in JCM Power

Press Releases

Investment will lead to a significant reduction in CO2 emissions, while providing more reliable and affordable power

Expected Development Impact

Market development

  • Supporting employment generation: JCM’s portfolio companies will contribute directly to the market development by creating quality employment through about 2,500 fulltime equivalent (“FTE”) temporary construction jobs. As the Company builds its projects portfolio, JCM could enable up to 8000 FTEs jobs; 
  • Economic value addition: Once reaching 11 operational projects, JCM Power is expected to contribute around US$2.25M per year to domestic GDPs through profits, taxes and salary payments. In addition, we consider the indirect effects of adding energy capacity to the economy: additional capacity is expected to generate improvements in electricity affordability and/or reduced electricity outages, both of which can contribute to higher productivity of private sector firms; 
  • At that time, JCM’s portfolio companies are expected to enable productivity related positive impacts in other sectors (such as transport, manufacturing, agriculture, and services) of US$56M in annual economic value-added.  

Climate Action

The Company has a mandate to build and operate new renewable energy projects in Latin America, Africa and Asia.

Women's Economic Empowerment

  • Advancing gender equality and women’s economic empowerment: As is common in the energy sector, JCM’s workforce, management and leadership is currently male-dominated. However, the Company has expressed its desire to become a leader in its industry regarding gender inclusion and has taken steps in this direction. JCM has become a Women’s Empowerment Principles (WEPs)2 signatory and has subsequently engaged with UN Women and FinDev Canada to complete the WEPs Gender Gaps Analysis Tool and to create a draft gender action plan. JCM also has developed an inclusion and diversity strategy at corporate level and has incorporated women’s empowerment as one of its five impact objectives. Based on this already completed work, FinDev Canada and JCM created a “High-level Gender Action Plan” that details the company’s commitments, targets and priority activities to increase its contribution to women’s economic empowerment at the corporate level as well as through its project companies and involvement with local communities. FinDev Canada will monitor the implementation of this action plan throughout the life of its investment and support JCM with its gender-focused efforts.  

Climate Action

  • CO2 equivalent emissions avoided: The Company has a mandate to build and operate new renewable energy projects in Latin America, Africa and Asia. When built/acquired, JCM’s portfolio companies are expected to generate ~3.0M MWh per year of renewable energy (of which 920,000 MWh or 30% is new generation). These operations will in turn contribute ~940,000 tons of CO2 equivalent emissions avoided each year of operation (until 2040 or later).