STOCK SYMBOL: GLH.UN/TSX
GATINEAU, Dec. 22 /CNW Telbec/ - Great Lakes Hydro Income Fund
(GLH.UN: TSX) today announced it has commissioned the 9 megawatt hydroelectric
generating station located at Cedar Dam on the LiGevre River in Quebec.
Construction of the station, which consisted of the installation of two new
generating units to the existing Cedar Dam facility, will provide power to
approximately 2,500 homes, improving the reliability of the power system in
the region.
In addition, this project achieved the Fund's sustainable development
objectives. The design criteria for the project focused on the integration of
the present hydrological management model, the environmental resources as well
as recreational and touristic infrastructures.
"We are proud to be involved in the region's economic development. The
addition of a generating station at Cedar Dam will further the hydroelectric
potential of the LiGevre River while providing positive benefits to the
region," said Normand Perreault, Vice-President, Quebec Operations.
Construction work started in November 2004 and was completed in two
years.
The estimated cost of the project is C$23.6 million. Power generated by
the station will be sold under a 20-year contract that will generate
approximately C$1 million in incremental cash flow annually for the Fund.
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ABOUT GREAT LAKES HYDRO INCOME FUND
Great Lakes Hydro Income Fund is a premier Canadian income fund and one
of the largest power income fund in North America with 995 megawatts of power
generating capacity and an average annual production of 3,774 gigawatt hours.
Great Lakes Hydro Income Fund produces electricity exclusively from
environmentally friendly hydroelectric resources. The Fund owns, operates and
manages 25 high quality hydroelectric generating stations located on seven
river systems in four distinct geographic regions across North America:
QuDebec, Ontario, British Columbia and New England.
Brascan Power, which comprises the majority of the power operations of
Brookfield Asset Management (formerly Brascan Corporation), 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 press release may contain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The words
"believe", "expect", "anticipate", "intend", "estimate" and other expressions
which are predictions of or indicate future events and trends and which do not
relate to historical matters identify forward looking statements. Reliance
should not be placed on forward-looking statements because they involve known
and unknown risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of the company to differ materially from
anticipated future results, performance or achievement expressed or implied by
such forward-looking statements. Factors that could cause actual results to
differ materially from those set forward in the forward looking statements
include general economic conditions, interest rates, availability of equity
and debt financing and other risks detailed from time to time in the
companies' Annual Reports and Brascan's 40-F filed with the Securities and
Exchange Commission. The companies undertake no obligation to publicly update
or revise any forward looking statements, whether as a result of new
information, future events or otherwise.
