Great Lakes Hydro Income Fund announced it completed acquisition July 1 of the 20-MW Carmichael Falls hydroelectric station in northern Ontario from Brookfield Power for C$52.5 million (US$47 million).
Carmichael Falls’ annual average generation totals 86 gigawatt-hours. Electricity is sold under a 50-year contract to Ontario Electricity Financial Corp.
Carmichael Falls was built in 1991 on the Groundhog River. Brookfield bought it as part of a transaction to acquire all facilities owned by Beaver Power. Brookfield has operated and maintained the facility for the past three years and it will continue to manage it under a new contract.
Brookfield Power owns 50.1 percent of Great Lakes Hydro Income Fund. The income fund and Brookfield Power, which includes the generating, transmission, distribution, and marketing operations of Brookfield Asset Management, both are based in Gatineau.