Algonquin Power Income Fund announces withdrawal of offer for Clean Power Income Fund



    TORONTO, April 19 /CNW/ - Algonquin Power Income Fund ("APIF") announced
today that Algonquin Power Trust ("APT") has withdrawn its offer (the "Offer")
mailed on March 16, 2007 regarding the acquisition of all of the outstanding
trust units and convertible debentures of the Clean Power Income Fund
("CPIF").
    The Offer has been withdrawn following the announcement by the Board of
Trustees of Clean Power Operating Trust ("CPOT") that it has terminated its
support of the Offer pursuant to a support agreement ("Support Agreement")
dated February 25, 2007 between CPIF, CPOT, APIF and APT, and as a result of
certain conditions to completion of the Offer not being satisfied. CPIF
security holders who may have previously deposited their securities under the
Offer can withdraw their securities by contacting their securities dealer or
broker.
    In connection with the termination of the Support Agreement by CPOT, a
termination fee of $1.75 million is payable to APIF. In addition, APIF is
entitled to reimbursement of its expenses to a maximum of $850,000 from CPIF.
    "Algonquin Power is confident in the final decision to withdraw the
Offer," commented Ian Robertson, a senior manager of APIF. "Algonquin Power
has a disciplined approach to making financial decisions and we feel that
withdrawing the Offer at this time is in the best interests of our
unitholders."

    About Algonquin Power
    Algonquin Power Income Fund is an open-ended investment trust that owns
and has interests in a diverse portfolio of power generating and
infrastructure assets across North America, including 47 hydroelectric
facilities, five natural gas-fired cogeneration facilities, 17 alternative
fuels facilities and 17 water supply and waste-water facilities. Algonquin
Power Income Fund was established in 1997 to provide unitholders with
sustainable, highly stable cash flows through a diversified portfolio of
energy and infrastructure assets. Algonquin Power Income Fund's units and
convertible debentures are traded on the Toronto Stock Exchange under the
symbols APF.UN and APF.DB/APF.DB.A respectively, and units are included in the
S&P/TSX Composite Index. More information about Algonquin Power Income Fund
can be found at www.AlgonquinPower.com.

    Forward Looking Statements
    Certain statements contained in the information herein are
forward-looking and reflect the views of the Fund and Algonquin Power
Management Inc. (the "Manager") with respect to future events. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Forward-looking
statements are not guarantees of the Fund's future performance or results and
are subject to various factors, including, but not limited to, assumptions
such as those relating to: the performance of the Fund's assets, commodity
market prices, interest rates, and environmental and other regulatory
requirements. Although the Fund and its Manager believe that the assumptions
inherent in these forward-looking statements are reasonable, undue reliance
should not be placed on these statements, which apply only as of the dates
hereof. The Fund and its Manager are not obligated nor do either of them
intend to update or revise any forward-looking statements, whether as a result
of new information, future developments or otherwise.

    %SEDAR: 00009265E




For further information:

For further information: Kelly Castledine, Algonquin Power Income Fund,
2845 Bristol Circle, Oakville, Ontario, L6H 7H7, (905) 465-4500, Fax (905)
465-4514, APIF@AlgonquinPower.com


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