Business
Great Lakes Hydro Income Fund approves Carmichael Falls acquisition
Great Lakes Hydro Income Fund approves Carmichael Falls acquisition.
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\nGATINEAU, QC, June 6 /CNW Telbec/ - Great Lakes Hydro Income Fund\nannounced today that it has agreed to acquire the Carmichael Falls Generating\nStation (the \"facility\") from Brookfield Power for a purchase price of\nC$52.5 million. Brookfield Power owns 50.1% of Great Lakes Hydro Income Fund.\nThe hydroelectric facility built in 1991 was recently acquired by\nBrookfield Power as part of a transaction to acquire all of the facilities\nowned by Beaver Power. The facility has been operated and maintained by\nBrookfield Power for the past three years, and will continue to be managed by\nBrookfield Power under a new operating and maintenance contract.\nThe annual long-term average generation of the facility is approximately\n86 gigawatt hours. All of the power produced by this facility is sold under a\nlong-term power purchase agreement with the Ontario Electricity Financial\nCorporation.\n\"As we continue to add value to unitholders, we are very pleased to\napprove the expansion of the Fund's portfolio with the addition of a high\nquality generation facility,\" said AndrDe Bureau, Chairman of the Board, on\nbehalf of the Independent Committee. \"The acquisition will be accretive to\nunitholders, and should add to our annual distribution on a sustainable basis,\nfollowing the close of the acquisition,\" added Mr. Bureau.\n\"In support of Great Lakes Hydro Income Fund's growth strategy, we are\nhappy to transfer Carmichael Falls into the Fund. This facility's\ncharacteristics match the Fund's acquisition criteria, as a long-life hydro\nasset in Canada, with a long-term contract,\" said Harry Goldgut, Chairman and\nChief Executive Officer, Brookfield Power.\nThe transaction is conditional on approvals of regulatory agencies and\nother customary closing conditions and is expected to close later this\nquarter. The terms of the acquisition have been approved by the Independent\nTrustees of the Board.\n\nFor more information on the facility and the power purchase agreement\nvisit:\nhttp://www.greatlakeshydro.com/hydroOperations/hydroOperations_ontario.cfm\n\nForward-Looking Statements\n\nThis new release may contain forward-looking statements concerning the\nGreat Lakes Hydro Income Fund (\"Fund\") business and operations. Forward\nlooking statements can be identified by the use of words, such as \...