Great Lakes Hydro Income Fund Completes Financing

STOCK SYMBOL: GLH.UN/TSX

GATINEAU, QC, Nov. 8 /CNW Telbec/ - Great Lakes Hydro Income Fund
(GLH.UN: TSX), one of the largest power income funds in North America, today
announced the completion of a $32 million term loan facility provided by Sun
Life Assurance Company of Canada. The financing closed on November 3, 2006.
The facility, which is due in November 2011, bears interest at 4.78% with
interest and principal payable quarterly commencing in February 2007. Under
terms of the agreement, the Fund will have a final balance of $12 million at
the maturity of the facility. Proceeds of the financing will be used primarily
to support the Fund's capital expenditure plan.
The term loan is secured by the Carmichael Falls assets acquired by the
Fund on July 6, 2006, for a purchase price of $56.3 million including working
capital adjustments and transaction costs. For more information on the
acquisition of the Carmichael Falls Generating Station, including details of
the power purchase agreement related to the Carmichael Falls facility, visit:
http://www.greatlakeshydro.com/newsReleases/newsReleases_details.cfm?item
(equal sign)87

Forward-Looking Statements

This news release may contain forward-looking statements concerning the
Great Lakes Hydro Income Fund ("Fund") business and operations. Forward
looking statements can be identified by the use of words, such as "believe",
"well positioned", "long-term", "grow", "expand", "enhance" or variations of
such words and phrases or state that certain actions, events or results "will"
be taken, occur or be achieved. Forward looking statements involve
assumptions, known and unknown risks, uncertainties and other factors which
may cause the actual results or performance to be materially different from
any future results or performance expressed or implied by the forward
statements. More details relating to risk factors can be found in the Fund's
annual information form in the section entitled Risk Factors.
Examples of such statements include, but are not limited to factors
relating to production and the business, financial position, operations and
prospects for the Fund. They include (1) the Fund's level of generation;      
   (2) the Fund's cost of production; (3) interest rates as they bear on the
Fund's indebtedness; (4) planned capital expenditures; (5) the impact of
changes in the Canadian dollar - U.S. dollar on the Fund's costs and results
of operations; (6) the negotiation of collective agreements with its unionized
employees; (7) business and economic conditions; (8) the legislation governing
air emissions, discharges into water, waste, hazardous materials and workers'
health and safety as well as the impact of future legislation and regulations
on expenses, capital expenditures and restrictions on operations; (9)
regulatory investigations, claims, lawsuits and other proceedings; and (10)
reliance on the guaranteed price for electricity by Brookfield Power Inc.
Actual results and developments are likely to differ, and may differ
materially, from those expressed or implied in the forward-looking statements
contained herein, and as a such, you are cautioned not to place undue reliance
on these forward-looking statements.
These forward-looking statements represent our views as of the date of
this news release. While the Fund anticipates that subsequent events and
developments may cause the Fund's views to change, the Fund disclaims any
obligation to update these forward-looking statements. These forward-looking
statements should not be relied upon as representing the Fund's views as of
any date subsequent to the date of this news release.

ABOUT GREAT LAKES HYDRO INCOME FUND

Great Lakes Hydro Income Fund is one of the largest power income funds in
North America with 1,015 megawatts of power generating capacity and an average
annual production of 3,874 gigawatt hours.
Great Lakes Hydro Income Fund produces electricity exclusively from
environmentally friendly hydroelectric resources. The Fund owns, operates and
manages 26 high quality hydroelectric generating stations located on eight
river systems in four distinct geographic regions across North America:
Quebec, Ontario, British Columbia and New England.
Brookfield Power, which comprises the majority of the power operations of
Brookfield Asset Management, owns 50.1% of the Fund's outstanding units. Great
Lakes Hydro Income Fund units are traded on the Toronto Stock Exchange under
the symbol GLH.UN.
%SEDAR: 00013106EF