Algonquin Power Income Fund Announces The Completion Of The Renegotiation Of 14 Power Purchase Agreements With Public Service Company Of New Hampshire.Business Editors TORONTO--(BUSINESS WIRE)--June 3, 2003 Algonquin Power Income Fund (the "Fund") announced today that it has completed the renegotiation of 14 power purchase agreements and rate orders with Public Service Company of New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). ("PSNH PSNH Public Service of New Hampshire PSNH Portsmouth, New Hampshire "). This represents the total New Hampshire hydroelectric portfolio of the Fund. Total proceeds from this transaction were $US 20,437,462. Approximately US$ 2 million of these funds have been placed into escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. pending resolution of payment of certain lease obligations with the State of New Hampshire. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the transaction will be used to pay down debt and fund working capital. The Fund will continue to own and operate the 14 small hydroelectric generating facilities and will sell all the electrical output from the facilities to PSNH at the ISO-New England, Inc. market rate. Algonquin Power Income Fund was created with the mission to provide stable and growing cash flows to unitholders from a diversified portfolio of energy and infrastructure assets. The energy assets owned by the Fund have been consolidated into three operating divisions reflecting the common characteristics of the asset classes: The Hydroelectric Division holds interests in 47 hydroelectric generating facilities located in Ontario (5), Quebec (12), Newfoundland (1), Alberta (1), New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State (12), New Hampshire (13), New Jersey (1) and Vermont (2) representing aggregate installed generating capacity of approximately 140 MW; the Cogeneration cogeneration In power systems, use of steam for both power generation and heating. High-temperature, high-pressure steam from a boiler and superheater first passes through a turbine to produce power. Division is comprised of three natural gas fired generating stations representing approximately 113 MW of installed capacity located in Connecticut, California and New Jersey and minority term investments in three natural gas fired generating facilities with installed capacity of approximately 290 MW located across Ontario; the Alternative Fuels Division is comprised of a 500 tonne/day energy-from-waste facility located in Ontario, a 1.6 MW landfill gas powered generating station located in Illinois and partnership, share and debt interests in three bio-mass fired generating facilities with combined installed capacity of approximately 70 MW located in Alberta, Quebec and Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography . In addition to its electricity generating asset portfolio, the Infrastructure Division of the Fund owns six regulated water distribution and reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. utilities located in Arizona and Texas. This broadly diversified portfolio of high quality assets positions the Fund well to deliver on its objective of sustainable and stable cash flows. |
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