Great Lakes Hydro Income Fund Completes Refinancing

STOCK SYMBOL: GLH.UN/TSX

GATINEAU, Quebec, April 27 /CNW Telbec/ - Great Lakes Power Trust, a
subsidiary of Great Lakes Hydro Income Fund (GLH.UN: TSX), today announced the
completion of a non-revolving senior secured credit bridge facility of     
$125 million. The bridge facility was provided by the Canadian Imperial Bank
of Commerce.
Proceeds of the offering will be used to repay the Great Lakes Power
Trust (GLPT) Series 1 first mortgage bonds and to redeem the GLPT Series 2 and
3 first mortgage bonds. In addition, the current bridge facility in place with
Great Lakes Hydro America will be repaid as a result of this financing.
The Fund expects to issue long-term debt secured by the LiGevre River
System during the third quarter of 2005 and to benefit from the current low
interest rate environment.

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 Ontario,
Quebec, New England and British Columbia with 24 hydroelectric generating
stations, with installed capacity of 986 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, respectively.
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.
Great Lakes Hydro Income Fund units are listed for trading on the Toronto
Stock Exchange under the symbol GLH.UN.

Note: This news release contains "forward-looking statements" concerning
the Fund's business and operations. The Fund cautions that, by their
nature, forward-looking statements involve risk and uncertainty and the
Fund's actual results could differ materially from those expressed or
implied in such statements. Reference should be made to the Fund's most
recent Annual Information Form for a description of the major risk
factors.
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