25 May 2007 — Electric Power Development Co Ltd (J-Power) and John Hancock Life Insurance Co, a unit of Manulife Financial Corp, are to set up a joint holding company to manage their power generation business in North America.
The 50-50 joint venture would be named J-Power USA Generation GP LLC. J-Power said it would transfer two power plants, Frontier and Elwood, to the new holding company. The holding company will also invest a yet-to-be-decided amount in buying more power plants.
J-Power is seeking to expand its power generation business overseas, and plans to spend up to 120 bln yen abroad between now and the fiscal year ending March 2012. (1 usd = 121.40 yen)