The project

In December 2019, STOA contributed $20 million to JCM Power’s third round of financing. Based in Canada, JCM Power is an independent power producer specializing in the design and operation of renewable energy projects in emerging and developing countries. The capital raised from development finance institutions and experienced financial investors, totaling $116 million, will enable JCM Power to complete six high-impact projects in Africa, Latin America and Asia.


What’s at stake

Six projects in Africa, Asia and Latin America

Two projects are currently being implemented in Malawi and Pakistan, while four further projects are also planned. By investing in this pipeline, STOA is helping to reduce the energy divide in emerging and developing countries and to structure the energy sector in its areas of intervention.

JCM’s approach is to establish long-term partnerships with local communities, governments, and financial institutions to develop, finance, build, and operate clean energy projects in high-growth markets, particularly in Africa, where electricity is scarce despite abundant solar and wind resources.

JCM Power’s projects will also improve nations’ ability to meet the challenges of the energy transition through decarbonization of the energy mix and the development of the renewable energy market. In the pipeline’s least developed countries, JCM Power’s involvement will also help to increase installed electrical capacity.

Rigorous E&S risk management

JCM Power’s investment philosophy is perfectly in line with that of STOA. Registered in Canada, JCM Power already complies with Know Your Customer (KYC) procedures similar to those of STOA. The quality of its governance and the seriousness of its due diligence ensure rigorous management of environmental and social (E&S) risks. The involvement of development financial institutions – the FMO in the Netherlands, Swedfund in Sweden, FinDev Canada and IFU, the Danish investment fund for developing countries – guarantees the effectiveness of the E&S risk management system.


Expected results
  • 900 MW installed
  • 435,000 tons. CO2 eq avoided each year in Malawi and Pakistan[1]
Impact results measured in 2020
  • 380 direct jobs at the end of 2020

[1] Emissions calculated using the AFD’s carbon balance method, based on total installed capacity and projected estimates over the life of the project


” JCM Power is thrilled to complete its first large institutional equity offering with the leading strategic investors in the renewable energy sector. The capital raised will allow us to implement the first six high impact renewable energy projects and will also serve to accelerate our growth from a development company into a globally diversified independent power producer focused in high growth markets. “

Christian Wray, CEO – JCM Power

Expected results






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