Great Lakes Hydro Income Fund Refinances $75 Million of Debt

GATINEAU, Quebec, July 21, 2009 (GLH.UN) - Great Lakes Hydro Income Fund (the “Fund”) announced today that its subsidiary, Powell River Energy Inc., has successfully raised $95 million of first mortgage bonds maturing in July 2016 to refinance $75 million of mortgage bonds due on July 24, 2009. The new bonds will bear a fixed interest rate of 6.45%, payable semi-annually. The transaction is scheduled to close on July 24, 2009.

Richard Legault, President & CEO of Great Lakes Hydro Income Fund stated, "This refinancing is further evidence of the quality of the Fund’s assets and its ability to access the capital markets at attractive rates even during times of uncertainty.”

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About Great Lakes Hydro Income Fund

Great Lakes Hydro (www.greatlakeshydro.com) is a premier Canadian income fund. We are the largest power income fund in North America with 1,260 megawatts of power generating capacity and an average annual production of 4,539 gigawatt hours.

Great Lakes Hydro Income Fund produces electricity exclusively from environmentally friendly renewable resources. The Fund owns, operates and manages 27 high quality hydroelectric generating stations and one wind farm in four distinct geographic regions across North America: Quebec, Ontario, British Columbia and New England.

Brookfield Renewable Power, which comprises all the power operations of Brookfield Asset Management, owns 50.01% of the Fund’s outstanding units on a fully exchanged basis. The Fund’s units are listed for trading on the Toronto Stock Exchange under the symbol GLH.UN.

Unitholder enquiries should be directed to Zev Korman, Director, Investor Relations and Communications at (416) 359-1955 or unitholderenquiries@greatlakeshydro.com.