Canada’s Great Lakes Hydro Income Fund has completed the acquisition of the Carmichael Falls generating station from Brookfield Power for a purchase price of C$52.5M (US$46.9M).
Carmichael Falls, located on the Groundhog river in the District of Cochrane, northern Ontario, includes a 20MW hydroelectric facility with an annual long-term average generation of approximately 86GWh. All of the power produced by this facility is sold under a long-term power purchase agreement with the Ontario Electricity Financial Corporation.
The hydro facility, built in 1991, was acquired earlier this year by Brookfield Power as part of a transaction to purchase all of the facilities owned by Beaver Power. It has been operated and maintained by Brookfield Power for the past few years and will continue to be managed by the company under a new operating and maintenance contract.
The acquisition of the project by Great Lakes Hydro Income Fund – which is 50.1% owned by Brookfield Power – was effective 1 July 2006.