Brookfield Renewable Power Inc. says its board of directors has approved the sale to Great Lakes Hydro Income Fund of substantially all of its Canadian renewable power generation business not already owned by the fund.

The projects include 15 hydroelectric plants with a total installed
capacity of 387MW and a soon-to-be-constructed wind power project.
Brookfield will also increase the price it currently pays for power
generation from the fund’s existing Lievre and Mississagi power assets
(collectively with the acquisition, the “Transaction”) to reflect
increases in power prices since the contracts were originally entered
into. After completing the transaction, Brookfield will continue to own
50% of the fund.

As part of a strategic repositioning approved by its board, Brookfield
will invest in Canadian contracted renewable power generating assets
through the fund as its exclusive platform. Brookfield and the fund
will maintain the fund’s current focus on producing stable cash flows
from renewable power assets.

The total consideration payable by the fund to Brookfield in connection with the transaction is $945 million.

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