Business
Great Lakes Hydro Income Fund Reports Strongest Year in the Fund's History
STOCK SYMBOL: GLH.UN/TSX Announces closing of acquisition of Prince Wind and Pingston Hydro joint...
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nAnnounces closing of acquisition of Prince Wind and Pingston Hydro joint\n\n\nventure interest\n\n\nGATINEAU, QC, Feb. 5 /CNW Telbec/ - Great Lakes Hydro Income Fund (the\n"Fund") today reported its financial and operating results for the fourth\nquarter and year ended December 31, 2008. The Fund provides additional\ninformation on its strategy and results in its Letter to Unitholders and\nSupplemental Information available at www.greatlakeshydro.com under Investor\nRelations/Financial Highlights.\n\n\nClosing of Strategic Acquisition\n\n\n--------------------------------\n\n\nThe Fund also reported today the closing of the previously announced\nacquisition of the Prince Wind farm and Pingston Hydro joint venture interest\nfrom Brookfield Renewable Power for cash consideration of $65 million and a\nfixed number of exchangeable shares of the corporation that owns the projects.\nOn a fully-exchanged basis, Brookfield Renewable Power will maintain its\n50.01% ownership interest in the Fund.\n\n\nFourth Quarter Results\n\n\n----------------------\n\n\nGeneration of 905 gigawatt hours (GWh) for the fourth quarter was 22%\nhigher than the 742 GWh generated in the same period last year and slightly\nabove long-term average of 902 GWh. All regions reported improved generation\nexcept for Ontario which was well below normal due to weaker hydrology\nconditions. Despite the weaker fourth quarter, the Ontario region enjoyed its\nstrongest year ever in 2008 at 6% above long term average.\n\n\nThe Quebec region's generation of 397 GWh was higher than the prior year\nperiod and long-term average by 182 GWh and 43 GWh, respectively. This led to\na 71% revenue increase over the fourth quarter of 2007 and contributed to the\nQuebec region's second best year in terms of generation since the Fund's\ninception. The New England Region ended a record 2008 with a strong fourth\nquarter, with quarterly revenues also benefiting from the appreciation in the\nU.S. currency. In British Columbia, generation increased nearly 10% from the\nfourth quarter of 2007 and was 24% above long-term average for the fourth\nquarter.\n\n\nFourth quarter revenues of $39.9 million and income before non-cash items\nof $18.7 million increased by 20% and 65%, respectively, from the same period\na year earlier. Fourth quarter dist...