Brascan Power Adds To Hydro Income Fund

MASSON-ANGERS, QUEBEC -- The power subsidiary of the Brascan Corp. conglomerate has increased its stake to a bare majority of the Great Lakes Hydro Income Fund, which owns 21 hydroelectric plants in Canada and the United States.

Great Lakes Hydro announced that Brascan Power had recently bought additional units giving the Brascan unit 50.1 per cent of the units.

Brascan Power is the largest unitholder and a major and active partner in the fund. Brascan Power owned 30 per cent of the fund when it started and increased its stake to 50 per cent in June 2000.

The Great Lakes fund owns and operates 21 hudroelectric stations in Quebec, Ontario, British Columbia, Maine and New Hampshire in the United States. The plants have an installed capacity of 965 megawatts of power.

Brascan is one of Canada's oldest and best-known conglomerates, operating through well-known subsidiaries such as metals giant Noranda Inc., developer Brookfield Properties, Brascan Power and Brascan Financial, formerly Trilon, which owns the Royal LePage real estate brokerage.

Source: Canadian Press