TORONTO, August 24, 2004 - The municipality of Notre-Dame-du-Laus received today a first installment of $150,000 from Brascan Power Corporation, acting as agent for Great Lakes Hydro Income Fund, related to the construction of a small power station on the Cedar dam. A second installment of $150,000 will be given to the Municipality once the power station becomes operational.
“The new power station brings a direct investment of $300,000 for tourist and recreation development in the municipality and $40,000 for various projects to be conducted by Brascan Power,” indicated the mayor of Notre-Dame-du-Laus, Ken Ménard. “This project, which has no significant environmental impact, meets our concern to protect the river and to continue our development in a sustainable development context.”
Mr. Normand Perreault, General Manager of Lièvre River Power, added “Brascan Power is proud to participate in the region`s economic development. The addition of a power station on the Cedar dam further enhances the value of the hydroelectric potential of the Lièvre River while creating positive and attractive returns for Notre-Dame-du-Laus.”
In addition to the money donated to the municipality, Brascan Power will also contribute to the improvement of a walleye spawning ground located downstream of the dam. To be completed in accordance with the specifications of the Ministries concerned, this work will enlarge the usable area and contribute to maintaining the health of this species in the river.
Once in service in 2005, the power station will generate renewable energy with an installed capacity of 8.9 megawatts. It will be able to supply the equivalent of approximately 2,500 residences and will contribute to improve the reliability of the network in the Notre-Dame-du-Laus region. There will be no impact on the water management of the Lièvre river watershed as the power station will be integrated into the existing dam owned by the Government of Québec.
About the Municipality of Notre-Dame-du-Laus
The municipality of Notre-Dame-du-Laus is located in the Upper Laurentians and has 1,400 residents. With more than 250 lakes and vast forests, the municipality is a nature`s paradise for all seasons. Fishermen, hunters, hikers and holiday seekers discover an exceptional environment ideal for practicing all of their activities.
About Great Lakes Hydro Income Fund and Brascan Power
Great Lakes Hydro is a premier Canadian income fund and the largest power income fund in North America with 982 megawatts of power generating capacity and an average annual production of 3,439 gigawatt hours.
Great Lakes Hydro Income Fund produces electricity exclusively from environmentally friendly hydroelectric resources. The Fund owns, operates and manages 24 high quality hydroelectric generating stations located on seven river systems in four distinct geographic regions across North America: Ontario, British Columbia, New England and Quebec, including the Lièvre River Power system.
Brascan Power, which comprises all the power operations of Brascan Corporation, owns 50.1% of the Fund`s outstanding units. Brascan Corporation is interlisted on the Toronto and New York stock exchanges under the symbol BNN. Great Lakes Hydro Income Fund units are listed for trading on the Toronto Stock Exchange under the symbol GLH.UN.
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For Information:
Media:
Ken Ménard
Mayor
Notre-Dame-du-Laus
(819) 767-2247
Julie Chagnon
Coordinator, Environment and Community Relations
Lièvre River Power
(819) 986-4620
Investors:
Shelley Moorhead
Director, Corporate Communications and Investor Relations
Great Lakes Hydro Income Fund and Brascan Power Corporation
(819) 561-8702