JCM Capital Launches $10,000,000 solar development fund
Funding to support rooftop PV installations on commercial buildings to leverage Ontario FIT program.Comments Off on JCM Capital Launches $10,000,000 solar development fund
Toronto — Financial advisory company, JCM Capital, announced that it has launched a $10 million solar development capital fund that will invest in early-stage photovoltaic (PV) projects installed on large commercial and industrial buildings across Ontario, leveraging the Province’s Feed-in-Tariff (FIT) program.
The aim of the fund is to target application-ready projects to be submitted into the upcoming Ontario Power Authority’s (OPA) application window. As such, it will assist with early-stage development costs such as FIT application fees, structural engineering assessments, FIT security deposits and grid connection impact assessment costs. The fund will also invest in Ontario-based FIT contracted projects that have not yet reached commercial operation.
CEO of JCM, Christian Wray stated that despite the recent changes to the Province’s Green Energy Program, the fund will ensure capital is available for projects that meet the requirements of the revised FIT 2.0 program.
To date JCM has deployed more than $5 million, enabling an initial 20MW of commercial rooftop solar projects. According to the company, when completed, the aggregate construction costs of these installations will exceed $80 million and will offset approximately 20,000 tons of C02.