Bellows Falls Power Company, a 50-50 joint venture between North America’s Brascan Power and Emera Inc., has entered into an agreement to lease the 49MW Bellows Falls hydroelectric generating facility from the town of Rockingham.

The company will pay the town US$72 million to lease the facility on the Connecticut river in Vermont for up to 74 years. The transaction is expected to close in the second quarter of 2005, pending regulatory approvals.