Gatineau, Quebec-based Great Lakes Hydro Income Fund has announced that its minority unit-holders have approved the previously announced transaction pursuant to which the Fund will acquire 15 hydroelectric stations and one soon-to-be-constructed wind power project from Brookfield Renewable Power Inc. (BRPI). BRPI will increase the price it pays the fund for power generated at the fund's Lievre and Mississagi facilities.
The transaction was approved by more than 98% of the votes cast by minority unit-holders of the fund, present in person or by proxy at the meeting.
The transaction is part of a strategic repositioning of the fund, which is expected to significantly enhance its renewable power platform and position it for growth and continued value creation over the long term.
Closing of the transaction is subject to the satisfaction of customary closing conditions, including the receipt of certain third-party consents. Concurrent with the closing of the transaction, Great Lakes Hydro Income Fund will be renamed Brookfield Renewable Power Fund, and its ticker symbol on the Toronto Stock Exchange will change from GLH.UN to BRC.UN.
SOURCE: Great Lakes Hydro Income Fund