Under the deal the hydro assets sold are: a dozen hydro plants with a total of 349MW held by Great Lakes Power Ltd; two plants with a total of 28MW by Hydro-Pontiac; and the 10MW Valerie Falls facility.

The total payment package for the 387MW of hydro assets and the wind power project is Can$945M (US$858M), including Can365M (US$331M) in cash.

The balance includes debt and trust units issued to Brookfield – previously owner of 50.01% of the Fund – to ensure it maintain that control and holding.

The transaction also includes Brookfield Renewable Power paying a higher price to the Fund for power from some other plants already held, at Lievre and Mississagi.

The deal is part of strategic repositioning by both the Fund and Brookfield Renewable Power. The Fund is to be converted to corporation status by the beginning of 2011.