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Gold/Mining/Energy : Northland Power
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To: Copperfield who started this subject12/30/2002 2:38:55 PM
From: Copperfield   of 10
 
Northland Power Income Fund Announces Transactions

TORONTO, ONTARIO--Northland Power Income Fund (TSX: NPI.UN)
announces that it has entered into an agreement to upgrade the
natural gas-fired turbines at the Fund's facility in Iroquois
Falls, Ontario. The Fund will purchase two new state-of-the-art
General Electric gas turbines which have a higher output and
increased efficiency than the Fund's existing turbines and will
exceed new provincial emissions standards.

The Fund has also executed an agreement to purchase a minority
interest in an operating cogeneration project near Kingston,
Ontario. This project has a contractual structure similar to that
of the Northland Power Income Fund based on long term power and
steam sales agreements and fuel supply contracts. The project has
a power sales agreement with a remaining term of 15 years with
Ontario Electricity Financial Corporation.

The combined capital cost of the transactions is approximately
$42.5 million Canadian which will be financed through the Fund's
acquisition facility provided by a bank syndicate led by Canadian
Imperial Bank of Commerce.

Northland Power Income Fund is a trust that, directly and through
its wholly-owned subsidiary, Iroquois Falls Power Corp., owns a
110 MW cogeneration power plant located in Iroquois Falls,
Ontario that supplies electricity to Ontario Electricity
Financial Corporation and steam to the neighbouring
Abitibi-Consolidated Company of Canada pulp and paper mill.
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