TORONTO--(EON: Enhanced Online News)--JCM Capital (JCM) announced today that it has closed development financing for an underwater high-voltage direct current (HVDC) transmission project with Lake Erie Power Corp. (LEPC) that will connect Ontario to Pennsylvania to help meet the growing demand for electricity in the region and the PJM grid.
“The new inter-tie will allow Canada to transmit surplus clean energy power generated via Ontario's Green Energy Act to the PJM markets where there is a demand.”
The project known as the Lake Erie CleanPower Connector, would bring hydroelectric, wind, solar, natural gas and nuclear energy to the PJM grid, which supplies electricity to 13 states and the District of Columbia. The privately funded project is estimated to cost $1 billion and will generate significant employment opportunities, including 600 direct construction jobs and more than 1,200 indirect jobs during a three-year construction period. Commissioning is targeted by the end of 2017 and will not require any public investment.
“JCM Capital is excited and proud to be financing and providing co-development services for this early stage and high profile HVDC transmission project between Canada and the United States," said Martin Ritchie, JCM Capital's CFO. "The new inter-tie will allow Canada to transmit surplus clean energy power generated via Ontario's Green Energy Act to the PJM markets where there is a demand."
To complete the Lake Erie CleanPower Connector, two solid, six-inch transmission cables will be placed beneath Lake Erie, from Nanticoke, Ontario to Erie County, a distance of approximately 65 miles. There are a dozen similar projects installed in North America and over two hundred worldwide.
About JCM Capital
JCM Capital is a Canadian-based private equity firm that focuses on the development of clean power projects. JCM is the general partner and manager of several private funds that invest in generation and distribution energy infrastructure assets that have a positive social, environmental and economic impact. Since its inception in 2009, JCM has successfully financed several portfolios of solar energy projects located in Ontario and South America. JCM is currently developing a multi-billion dollar clean power portfolio that includes both utility-sized solar projects in emerging markets and a HVDC transmission project connecting Canada and the United States. Please visit www.jcmcapital.ca to learn more.
About Lake Erie Power Corp
Lake Erie Power Corp (LEPC) is an independent energy transmission developer serving the North American market. LEPC’s focus is on increasing the supply of clean and renewable energy in North America using safe and reliable HVDC technology. LEPC is committed to responsible development that respects local communities and minimizes environmental impact. LEPC is currently developing a new energy transmission project, the Lake Erie CleanPower Connector, to move clean energy between Ontario, Canada and Pennsylvania where it will be connected to the PJM network (Regional Transmission Organization comprised of thirteen states including Pennsylvania and the District of Columbia). To learn more, please visit www.lakeeriepower.com and www.cleanpowerconnector.com.