Great Lakes Hydro Acquires NH Power Assets

Great Lakes Hydro Income Fund has acquired six hydroelectric power stations on the Androscoggin River in New Hampshire for US$31.5 million.

MASSON-ANGERS, Quebec – June 4, 2002 [] The New Hampshire hydroelectric facilities have an installed capacity of 31 MW and generate approximately 185 gigawatts hour (GWh) of electricity annually. All the electricity produced by these generating facilities will be sold under a 20-year agreement with Brascan Power, a wholly owned energy subsidiary of Brascan Corporation. The acquisition expands the Fund’s generation facilities to 21 hydroelectric power stations, located in Ontario, Quebec, British Columbia, Maine, and New Hampshire, with a total installed capacity of 965 MW. “The acquisition of the New Hampshire power assets is consistent with our growth strategy of acquiring long life, low cost generating assets, which provide stable and sustainable cash distributions to our unit holders. In addition, these power generating facilities strengthen our competitive position by furthering our expansion into the northeast US energy market”, said Richard Legault, President and Chief Executive Officer. Great Lakes Hydro Income Fund owns, operates and manages five integrated hydroelectric power generation systems located in Quebec, Ontario, British Columbia and Maine and New Hampshire, U.S.A. The facilities of the four systems include 21 hydroelectric generating stations with an installed capacity of 965 MW with interconnections to the Quebec, Ontario, British Columbia and New England power grids.
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