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GATINEAU, Quebec, Nov. 20, 2003 -- Great Lakes Hydro Income Fund has completed the acquisition of three hydroelectric power plants located in Northeastern United States from Hafslund, a Norwegian-based power company, for a total consideration of $30 million.
This acquisition includes the Pontook and Errol generating stations located on the Androscoggin River in New Hampshire and the Brassau generating station, located on the Moose River in Maine. These facilities are interconnected to the New England power grid.
All power produced by Errol and Brassau facilities is sold under long term power purchase agreements to Public Service of New Hampshire and Central Maine Power, respectively, while all power produced by Pontook will be sold to Brascan Power under contractual arrangements similar to those in place for the Maine and New Hampshire power systems.
"We are excited about the acquisition of these low cost, long-life power assets which should contribute immediately to the Fund's sustainable cash flow. These facilities are located proximate to our existing power generating stations in New England, providing us with operational synergies and long term contracts with solid counterparties", commented Richard Legault, President and Chief Executive Officer of Great Lakes Hydro Electric Fund.
The completion of this transaction expands the Fund's generating capacity by 16.5 megawatts to 982 megawatts and the number of hydroelectric generating stations to 24 across New Hampshire, Maine, Ontario, Quebec and British Columbia.
ABOUT GREAT LAKES HYDRO INCOME FUND
Great Lakes Hydro Income Fund produces electricity exclusively from environmentally friendly hydroelectric resources. The Fund owns, operates and manages five integrated hydroelectric generation systems located in Quebec, Ontario, British Columbia, Maine and New Hampshire with 24 hydroelectric generating stations, installed capacity of 982 MW and significant water storage. The facilities generate, on average, 3,700 GWh of electricity annually, with interconnections to the Quebec, Ontario, British Columbia and New England power grids.
Brascan Power, which comprises all the power operations of Brascan Corporation, including Great Lakes Power Inc, owns 50.1% of the Fund's outstanding units.
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