A CAD$10 million solar development capital fund has been launched across Ontario, Canada by JSM Capital. The investment will leverage the province’s current feed-in tariff program to finance early-stage PV projects installed on large commercial and industrial buildings.
The fund will target application-ready projects awaiting submission to the Ontario Power Authority application window and provide capital for 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.
“JCM has and will continue to support the small to mid-size solar market in Ontario with the belief that our investment in distributed solar power generation will provide the maximum benefit to all stakeholders. The fund creates a unique solution for local PV development companies that have few options when funding early-stage projects that require significant risk capital,” said CEO of JCM, Christian Wray.
To date JCM has already deployed over CAD$5 million of development capital, enabling the advancement of an initial 20MW commercial rooftop solar portfolio. When completed, the aggregate construction costs of this initial portfolio will exceed CAD$80 million and will offset approximately 20,000 tons of harmful C02 from being released into the earth’s atmosphere – the equivalent of planting 2 million trees or removing 60,000 cars from the road.
Canada’s FiT is currently facing objections from the Japanese government and European Union over its controversial domestic content requirement.
