Manulife Financial said it completed a $117 million financing with International Power Canada for the construction and long term operation of a 48.6 megawatt wind farm in south-western Ontario. Manulife formed and led a syndicate of Canadian life insurance companies to provide a total $117 million in construction and term loans for a term of approximately 21-years term to support the Pointe-Aux-Roches Wind Power Project. Manulife is the arranger and agent with an investment of $60 million.
The 48.6 MW Pointe-Aux-Roches Wind Power Project consists of a twenty-seven 1.8 MW wind turbines located in the Town of Lakeshore. Construction of the project is expected to be completed in 2011.
