Manulife Financial has announced the completion of financing with International Power Canada Inc. (IPC) for the construction and long-term operation of a 48.6 MW wind farm in southwestern Ontario.
Manulife formed and led a syndicate of Canadian life insurance companies to provide a total C$117 million in construction and term loans for a term of approximately 21 years to support the Pointe-Aux-Roches Wind Power Project. Manulife is the arranger and agent with an investment of C$60 million.
The project consists of 27 1.8 MW wind turbines located in Lakeshore, on the south shore of Lake St. Clair. The project has received required environmental permits and approvals, and construction of the project is expected to be completed in 2011.
International Power Canada (formerly AIM PowerGen Corp.) is a wholly owned subsidiary of International Power PLC, a publicly traded, U.K.-based power generation company.
SOURCE: Manulife Financial