The Dutch development bank FMO has agreed to invest nearly $25m in JCM Power.

JCM Power operates as an independent power producer (IPP) in Canada and provides renewable energy projects development. It also develops and operates renewable energy projects in Africa, Latin America and South Asia.

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“Our shared values and passion for bringing renewable energy to growth markets were the driving factors that made this investment possible.”

JCM Power CEO Christian Wray said: “We are thrilled to build on our successful relationship with FMO, who has been a supportive partner in several JCM Power projects to date.

“Our shared values and passion for bringing renewable energy to growth markets were the driving factors that made this investment possible.”

The Canadian firm intends to use the investment towards the construction and acquisition of additional projects.

Under the agreement, FMO will receive JCM Power’s convertible preferred shares for the amounts invested.

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FMO chief information officer Linda Broekhuizen said: “This milestone investment in an entrepreneurial and ambitious renewable energy platform that aims to build high-impact projects in emerging markets globally makes us proud.”