Leaders in energy & infrastructure.

A merchant banking firm providing principal investment, financial & strategic advisory across power, energy, infrastructure and natural resources — globally, across every market cycle.

Jacob Capital Management is a focused merchant bank — advising companies and investors across power & energy, infrastructure, and natural resources.

$20B
Transactions executed across energy, infrastructure and real assets
$10B
Equity raised across public and private markets
250+
Advisory and financing mandates executed
1,500+
Institutional investors and lenders covered globally
Recent

Press & announcements.

All releases →
Featured Aerospace & Defence 2026

Ottawa invests $200M in Nova Scotia spaceport to enable sovereign satellite launches.

The federal commitment marks the largest single backing for Canada's first commercial spaceport — where JCM acted as first investor and lead advisor, structuring a $350m package: $40m equity, $100m in provincial grants, $200m in federal non-dilutive capital and $10m in senior debt.

Read briefing
2025 JCM advises on Atlantic Canada Offshore — $2B JV with Copenhagen Infrastructure Partners. Transaction · Offshore Wind → 2024 Sasha Jacob — plugging back into clean energy. Profile · Globe & Mail → 2025 Energy Transition & Infrastructure Capital Markets Outlook 2026. Market Commentary · Restricted →

Jacob Capital Management's predecessor, Jacob Securities Inc., was Canada's first full-service investment bank dedicated exclusively to renewable energy and infrastructure. From 2007 to 2012, the firm managed Canada's largest renewables fund and played a leading role in several global industry milestones.

The firm executed more public geothermal financings than any other investment bank worldwide, completed the first U.S. geothermal transaction utilizing the Production Tax Credit, and pioneered offshore wind financing with North American investors.

Believers when others weren't — at the origin of multiple sectors that are now mainstream.
— The Partners

Today, JCM operates as a focused merchant bank — advising companies and investors across power & energy, infrastructure, and natural resources globally. Partner-led from the first call. Direct, pragmatic counsel. Always a phone call away.

We founded, operated, sat on boards, and acted as principal — a dual perspective that lets us understand the challenges our clients face first-hand. We don't operate with a 9-to-5 mindset, nor hide behind corporate jargon. Our approach is direct, pragmatic, and grounded in brutal honesty — because that's what creates conditions for the most effective partnerships.

Capabilities

A full-structure platform, partner-led.

Four practice areas
01

Capital Markets

Full-structure capital formation across corporate, project and platform balance sheets. Tax equity, NAV / HoldCo, refinancings and recapitalizations — equity, debt and hybrid.

  • Corporate Finance — Equity, Debt & Hybrid
  • NAV / HoldCo Financing
  • Project Debt & Project Equity
  • Tax Equity
  • Non-Dilutive Capital
  • Acquisition Financing
  • Refinancings & Recapitalizations
→
02

Strategic Advisory

M&A, restructuring and corporate strategy across the full cycle. Financial and corporate advisory, special situations, capital markets advisory, and insurance advisory.

  • M&A Advisory
  • Financial & Corporate Advisory
  • Special Situations / Restructuring
  • Capital Markets Advisory
  • Insurance Advisory
  • Project Finance Advisory
  • Asset Management
→
03

Project Advisory

Complex commercial and contractual structuring — PPA & offtake, EPC & O&M, government and concession advisory, political risk insurance, feedstock contracts, interconnection and hedging.

  • PPA & Offtake Structuring
  • EPC & O&M Contracts
  • Government / Concession Advisory
  • Political Risk Insurance
  • Feedstock Contracts
  • Interconnection Advisory
  • Hedging Structuring
→
04

Merchant Banking

Principal investments and platform development — significant minority and majority positions targeting special situations and platform catalysts across energy, infrastructure, aerospace & defence, and natural resources.

  • Special Situations
  • Platform Catalysts
  • Aerospace & Defence
  • Natural Resources
→
Select Transactions

Pioneering, across cycles.

Complete history →
Atlantic Canada offshore wind development
Atlantic Canada Offshore Developments

Equity joint venture with Copenhagen Infrastructure Partners; Shell partnership for offshore wind development.

$2.0B

A landmark joint venture introducing one of Europe's leading offshore wind investors into Atlantic Canada. JCM served as sole advisor and principal.

Role · Advisor & Principal Sector · Offshore Wind
Offshore Wind · Germany

Global Tech I

€1.1B
400MW offshore wind · project development
Role · AdvisorProject Dev.
Offshore Wind · Netherlands

Project Gemini

€2.8B
600MW offshore wind · project development
Role · AdvisorProject Dev.
Aerospace & Defence · Canada

Maritime Launch Services

$350M
$40M equity · $100M provincial grants · $200M federal · $10M senior debt
Role · First Investor & AdvisorMulti-tranche
Tidal Energy · Canada

Oceanetic Power

$80M
$80m funding raised to date · leading commercial tidal energy technology
Role · Principal & AdvisorTidal
Hydro · Sri Lanka & Uganda

South Asia Energy Management

$150M
Project Financing
Role · PrincipalProject Finance
← Drag to explore →
No. Issuer Amount Structure Role
001Brookfield Renewable Power Inc.$390.0MEquity Bought DealCo-Agent→ 002Maritime Launch Services$350.0MEquity / Grants / Senior DebtFirst Investor & Advisor→ 003Enercare Inc.$333.3MEquity Bought DealCo-Agent→ 004Brookfield Renewable Energy Partners L.P.$279.5MEquity Bought DealCo-Agent→ 005Brookfield Renewable Energy Partners L.P.$179.1MPreferred Equity Bought DealCo-Agent→ 006Ormat Technologies Inc.$142.9MInitial Public OfferingCo-Agent→ 007Magma Energy Corp.$100.0MInitial Public OfferingCo-Agent→ 008Just Energy Group Inc.$100.0MConvertible Subordinated DebenturesCo-Agent→ 009Innergex Renewable Energy$85.0MPreferred EquityCo-Agent→ 010Occurrent Power$40.0MConvertible EquityExclusive Advisor→
A selection from 250+ mandates · $20B executed across two decades.
Select history
Sectors

Where we concentrate, not where we stop.

Four focus areas
01 — Power & Energy

Conventional power, transmission & distribution.

From conventional generation to independent power producers, transmission networks, and distributed energy systems — deep transactional expertise across the full power value chain.

  • Conventional Generation
  • Transmission & Distribution
  • Independent Power Producers
  • Distributed Energy
02 — Infrastructure

Transportation, digital & social infrastructure.

Transportation and logistics, communications and digital infrastructure, social infrastructure, and water, waste and circular economy — across greenfield development, operational sales, and platform formation.

  • Transportation & Logistics
  • Telecommunications & Digital
  • Social Infrastructure
  • Water, Waste & Circular Economy
03 — Renewable Energy

Solar, wind, geothermal & storage.

JCM was Canada's first investment bank dedicated exclusively to renewable energy. From the earliest offshore wind and geothermal financings to battery storage and waste-to-energy — this is where our institutional knowledge runs deepest.

  • Solar
  • Wind (On- & Offshore)
  • Geothermal
  • Hydro & Run-of-River
  • Battery & Grid-Scale Storage
  • Biomass & Bioenergy
  • Waste-to-Energy
  • Emerging & Distributed
04 — Natural Resources

Mining, oil & gas, transition materials.

From base and precious metals to oil & gas and the critical minerals powering the energy transition — lithium, graphite, rare earths, and electrification metals — across M&A, capital markets, and structured financings.

  • Mining & Metals
  • Oil & Gas (Up/Mid/Down)
  • Critical & Battery Minerals
  • Electrification Metals
  • Energy-Transition Materials
  • Forestry & Agri-Resources
Additionally experienced across
Aerospace & Defence Healthcare Financial Services
Our Edge

Believers when others weren't.

Beginning in 2001, JCM's founder saw the potential of renewable energy. In 2006 our team was among the first investment banks worldwide — and the first in North America — to recognize the long-term economics of wind, solar, geothermal and hydro.

01

We are believers when others are not. We see opportunities others overlook, and we persist where others stop — because we know that true value often lies beneath the surface. We have been at the origin of multiple sectors that are now mainstream.

02

Principals and advisors both. We founded, operated, acted as principal, sat on boards, and acted as advisors to renewable energy, power, infrastructure and mining companies. This dual perspective allows us to understand the challenges our clients face first-hand.

03

Always a phone call away. When engaged by a client, we don't operate with a 9-to-5 mindset, nor hide behind corporate jargon. Our approach is direct, pragmatic, and grounded in brutal honesty — because that's what creates conditions for the most effective partnerships.

Leadership

The partners who lead every engagement.

Partner-led, never delegated
SJ
Sasha Jacob
MA · MBA · LL.M
Chairman & CEO
Recognized as Canada's first renewable energy investment banker. 25+ years leading power and infrastructure transactions. Founded Jacob Securities and built a leading Canadian bank's power & infrastructure practice. Named among the "5 Most Influential Emerging Players in Renewable Energy" globally by Institutional Investor. Led 100+ renewable transactions; $10B+ in financings. Current Director and previous Chair of Nature United (The Nature Conservancy, Canada).
MD
Max Douwes
 
Managing Partner
An international business leader with deep experience in investment banking and private equity. After founding a successful outsourcing firm in the Netherlands, he expanded across Morocco, North America, and Serbia. Specializes in complex transactions including distressed situations, credit, and project financings within energy, infrastructure, and healthcare.
KM
Khurram Malik
 
Partner & Head of Research
A 25-year capital markets veteran who led top-ranked research teams at UBS and Morgan Stanley. The first North American analyst to provide comprehensive coverage of global cleantech and Canadian cannabis sectors. Frequent expert for hundreds of global media outlets across insurance, industrials, and transport.
Contact

Engage the firm.

Partner-led from the first call. Every engagement is owned by a senior member of the firm — never delegated. We are direct, pragmatic and always a phone call away.

Toronto / Head Office
480 University Avenue
Suite 1401
Toronto, ON · M5G 1V2
[email protected]
+1 (416) 875-8395
Select Transaction History
A selection of transactions across two decades of sector leadership
Occurrent Power
$40,000,000
Convertible Equity
Exclusive Advisor
Transeastern Power Trust
$13,000,000
Subscription Receipts
Co-Agent
Enercare Inc.
$333,261,825
Equity Bought Deal
Co-Agent
Brookfield Renewable Energy Partners L.P.
$279,539,400
Equity Bought Deal
Co-Agent
Brookfield Renewable Energy Partners L.P.
$179,132,500
Preferred Equity Bought Deal
Co-Agent
Greengate Power Corporation
$33,000,000
Sale of 150MW Wind Farm to Capital Power (TSE:CPX)
Co-Agent
Greengate Power Corporation
$14,300,000
Preferred Equity
Co-Agent
Zephyr Wind Farms Ltd.
—
Financial Advisor
Co-Agent
Ram Power Corp.
$79,029,955
Equity
Co-Agent
South Asia Energy Management Systems
$20,000,000
Debentures
Sole Agent
Finavera Renewables Inc.
$10,000,000
Equity
Co-Agent
South Asia Energy Management Systems
$38,500,000
Equity
Sole Agent
Nevada Geothermal Power
$15,000,000
Equity
Co-Agent
Royal Nickel Corp.
$5,754,600
Equity
Co-Agent
Lightech Inc.
—
Acquired by GE
Advisor
Brookfield Renewable Power Inc.
$390,048,750
Equity Bought Deal
Co-Agent
Capstone Infrastructure Corporation
$75,000,000
Preferred Equity
Co-Agent
Just Energy Group Inc.
$100,000,000
Convertible Unsecured Subordinated Debentures
Co-Agent
Magma Energy Corp.
$100,000,000
IPO
Co-Agent
Macquarie Power & Infrastructure Fund
$69,002,300
Equity Bought Deal
Co-Agent
Innergex Renewable Energy
$85,000,000
Preferred Equity
Co-Agent
US Geothermal Inc.
$34,000,000
Convertible Unsecured Subordinated Debentures
Lead Agent
Ormat Technologies Inc.
$142,887,000
IPO
Co-Agent
Nevada Geothermal Power
$15,000,000
Equity
Co-Agent
Polaris Geothermal Inc.
$32,000,000
Equity
Lead Agent
Run of River Power Inc.
$11,000,000
Equity
Lead Agent
Sierra Geothermal Power Corp.
$10,000,000
Equity
Sole Agent
Geomega Resources Inc.
$5,000,000
Equity
Co-Agent
Catch The Wind Ltd.
$15,051,180
Equity
Sole Agent
Brookfield Renewable Power Inc.
—
Independent Fairness Opinion
Advisor
Romspen Investment Corporation
—
Independent Fairness Opinion
Advisor
Blue Goose Capital Corporation
$12,000,000
Equity
Agent
Magma Energy Corp.
$45,174,783
Equity
Co-Agent
Sierra Geothermal Power Corp.
$3,786,160
Equity
Lead Agent
Magma Energy Corp.
$100,000,000
Equity
Co-Agent
Polaris Geothermal Inc.
$12,000,000
Common and Preferred Equity
Lead Agent
Sierra Geothermal Power Corp.
$7,007,500
IPO
Co-Agent
The Provis Group Inc.
$4,500,000
Equity
Sole Agent
Western Geopower Corp.
$15,000,000
Equity
Lead Agent
Western Geopower Corp.
$6,255,625
Equity
Lead Agent
Western Geopower Corp.
$7,302,332
Flow-Through Equity (Bought Deal)
Lead Agent
Energizer Resources Inc.
—
Financial Advisor
Financial Advisor
ISE Corporation
$28,700,000
IPO
Co-Agent
Sierra Geothermal Power Corp.
$24,000,000
Acquisition of Sierra Geothermal by Ram Power
Financial Advisor
Sierra Geothermal Power Corp.
—
Proxy Advisor
Proxy Advisor
Biox Corporation
$46,700,000
Equity
Co-Agent
Schneider Power Inc.
—
Financial Advisor & Fairness Opinion · Acquisition by Quantum
Financial Advisor
South Asia Energy Management Systems
$10,000,000
Convertible Debentures
Exclusive Agent
South Asia Energy Management Systems
$10,000,000
Convertible Debentures
Exclusive Agent
Nevada Geothermal Power
$15,000,000
Equity
Co-Agent
Polaris Geothermal Inc.
$27,000,000
Convertible Debentures
Exclusive Agent
Polaris Geothermal Inc.
$7,000,000
Debentures
Lead Agent
Polaris Geothermal Inc.
$7,000,000
Common and Preferred Equity
Exclusive Agent
San Jacinto Plant, Nicaragua
—
Phase II Project Debt
Project Debt Advisor
Polaris Geothermal Inc.
$12,000,000
Preferred Shares
Exclusive Agent
Aurvista Gold Corp.
$1,473,853
Equity
Agent
Titanium Corporation
$14,331,000
Equity
Co-Agent
US Geothermal Inc.
$3,400,000
Common Equity
Lead Agent
US Geothermal Inc.
$25,000,000
Common Equity
Lead Agent
US Geothermal Inc.
$34,000,000
Project Equity
Lead Agent
US Geothermal Inc.
$20,000,000
Common Equity
Co-Lead
Colter Energy Services Inc.
—
Sell-side Advisor · Management Buyout with TriWest Capital Partners
Sell-side Advisor
Novus Energy Inc.
$25,003,000
Equity Bought Deal
Co-Agent
Ironhorse Oil & Gas Inc.
$5,156,400
Flow-Through Equity
Lead Agent
Silverwing Energy Inc.
$30,450,000
M&A Advisor
M&A Advisor
Canada Lithium Corp.
$75,000,000
Project Debt
Advisor
Canada Lithium Corp.
$31,782,276
Equity
Co-Agent
Canada Lithium Corp.
$126,528,750
Equity Bought Deal
Co-Agent
Prophecy Resource Corp.
$42,053,750
Equity
Lead Agent
Payfirma Corp.
$13,000,000
Equity
Co-Agent
Thermal Energy International Inc.
$15,000,000
Equity
Co-Lead
Nevada Geothermal Power
$17,700,000
Common Equity
Lead Agent
Nevada Geothermal Power
$2,275,000
Common Equity
Sole Agent
Sierra Geothermal Power Corp.
$1,500,000
Pre-IPO Equity
Sole Agent
Reef Resources Ltd.
$1,965,415
Flow-Through Equity
Sole Agent
Silverwing Energy Inc.
$30,000,000
Equity
Lead Agent
Silverwing Energy Inc.
$13,000,000
Credit Facility
Credit Facility Arranger
TriAzon Resources Ltd.
$7,000,000
Equity
Sole Agent
Tribute Resources Inc.
$6,000,000
Equity
Sole Agent
Rare Element Resources Ltd.
$57,546,000
Equity
Co-Agent
Rare Element Resources Ltd.
$8,860,254
Equity
Co-Agent
Noventa Limited
$30,360,000
Preferred Equity
Co-Agent
Pacific Road Capital Management
—
Financial Advisor on Equity Holdings
Financial Advisor
DHX Media
$40,261,500
Equity
Co-Agent
BluMetric Environmental Inc.
—
Reverse Takeover
Financial Advisor