Algonquin Power announces renewal of credit facilities for a three year term

    OAKVILLE, ON, Jan. 16 /CNW/ - Algonquin Power Income Fund (the "Fund" or
"Algonquin Power") today announced that it has renewed its combined
$175 million senior secured revolving operating and acquisition credit
facilities (the "Facilities") with its Canadian bank syndicate for a new three
year term. Under terms of the renewal, the Facilities are extended for a three
year term with a maturity date of January 14, 2011. The renewed Facilities
also contain an accordion feature allowing the Facilities to increase to $225
million to accommodate future growth and acquisitions.
    As part of the renewal of the Facilities, Algonquin Power's bank
syndicate has also expanded from three to four financial institutions. The
Facilities are being led by National Bank of Canada. The other syndicate
members are The Toronto-Dominion Bank, Bank of Montreal, and the recently
added Canadian Imperial Bank of Commerce.
    "Algonquin Power's expanded Facilities, on more favourable terms with a
three year term, lower our cost of financing and provide us with a secure
source of financing to achieve our renewable energy and infrastructure growth
targets both organically and through acquisition", stated David Bronicheski,
Algonquin Power's chief financial officer. "We are pleased with the confidence
our bank syndicate has in our growth plans and the addition of another bank to
our syndicate further strengthens the financial position and liquidity of the

    About Algonquin Power

    Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of renewable power generation and sustainable
infrastructure assets across North America, including 42 renewable energy
facilities, 12 thermal energy facilities, and 17 water distribution and
waste-water facilities. Algonquin Power was established in 1997 to provide
investors with sustainable, highly stable cash flows through a diversified
portfolio of renewable energy assets. Algonquin Power's units and convertible
debentures are traded on the Toronto Stock Exchange under the symbols APF.UN,
APF.DB & APF.DB.A and units are included in the S&P/TSX Composite Index.

    %SEDAR: 00009265E

For further information:

For further information: Ms. Kelly Castledine, Algonquin Power Income
Fund, 2845 Bristol Circle, Oakville, Ontario L6H 7H7, Telephone: (905)
465-4500, E-mail:, Web Page:

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