Algonquin Power Income Fund declines to match competing bid for Clean Power Income Fund

    TORONTO, April 18 /CNW/ - Algonquin Power Income Fund ("APIF") announced
today that it will not cause Algonquin Power Trust to amend the terms of its
offer (the "Offer") mailed on March 16, 2007 regarding the acquisition by APIF
of all of the outstanding trust units and convertible debentures of the Clean
Power Income Fund ("CPIF"), and the Offer remains unchanged.
    APIF intends not to exercise the right provided under the support
agreement entered into with CPIF to match the terms of the recently announced
competing offer for the trust units of CPIF. Under the terms of the support
agreement, if the trustees of Clean Power Operating Trust, on behalf of CPIF,
elect to withdraw their recommendation in respect of acceptance of the Offer,
as it relates to the trust units, APIF will be entitled to payment of (a) a
termination fee in the amount of $1.75 million and (b) reimbursement of costs
incurred in connection with making the Offer, up to a maximum amount of
    "Algonquin Power believes the valuation upon which the Offer is premised
fully values the CPIF assets", commented Ian Robertson, a senior manager of
APIF. "Algonquin Power believes firmly in taking a disciplined approach to
making accretive acquisitions and in acting responsibly in the best interest
of our unitholders. We believe that the reduced time and risk to closing under
our Offer, the high quality, complementary nature of APIF's asset portfolio,
and strong unitholder liquidity represent compelling reasons for CPIF
unitholders to accept our Offer. In addition, the APIF Offer provides
unitholders an opportunity to participate in a portfolio of long term,
renewable energy assets demonstrating substantial operating synergies, and
most importantly, an accretive environment."

    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

    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)

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