Communiqués de presse

First Asset PowerGen Fund And First Asset Renewable Power Flow-Through Limited Partnerships Complete Merger

TORONTO, ONTARIO--(Marketwire - April 15, 2008) - First Asset PowerGen Fund (TSX:PGT.UN) (the "Fund") and the First Asset Renewable Power Flow-Through Limited Partnerships announce the completion of the merger of the Fund with First Asset Renewable Power Flow-Through Limited Partnership, First Asset Renewable Power Flow-Through LP II, First Asset Renewable Power Flow-Through LP III and First Asset Renewable Power Flow-Through LP IV. Former limited partners of the First Asset Renewable Power Flow-Through Limited Partnerships received units of the Fund on the basis of the exchange ratios announced yesterday.

Fund Summary Statistics Immediately Following the Merger:

Net Asset Value per Unit: $19.32
Total Net Asset Value: $101.6 million
Monthly Distribution: $0.12
Current Annualized Yield: 8.39%
All distributions are expected to be tax deferred returns of capital until existing loss carry-forwards are exhausted or expire.

Portfolio Breakdown:
 - Private Companies             51.2%
 - Public Companies              38.8%
 - Cash & Cash Equivalents       10.0%

Sector Breakdown (based on market value):
 - Wind & Hydro Electric Power Generation     50.8%
 - Power Trusts                               18.8%
 - Pipeline Trusts                            10.8%
 - Cash & Cash Equivalents                    10.0%
 - Diversified Business Trusts                 9.6%

Top 10 Portfolio Investments (based on market value):
 - Confederation Power Inc.                              48.2%   Private
 - Inter Pipeline Fund LP Cl. A                           3.5%   Public
 - Macquarie Power & Infrastructure Income Fund           3.1%   Public
 - EPCOR Power Limited Partnership                        3.0%   Public
 - Fort Chicago Energy Partners LP Cl. A                  2.8%   Public
 - Northland Power Income Fund                            2.6%   Public
 - Pembina Pipeline Income Fund                           2.5%   Public
 - Innergex Power Income Fund                             2.2%   Public
 - Anyox Hydro Electric Corp. (Bond)                      2.0%   Private
 - Atlantic Power Corporation                             2.0%   Public

Confederation Power Inc.

The Fund's largest holding is Confederation Power Inc. representing 48.2% of total net asset value. It is a private independent developer and operator of wind and hydro power projects in Canada.

Confederation Power was created through the amalgamation of Springhill Riverhurst Wind Power Ltd., Observatory Inlet Development Corp., Glace Bay Power Holdco Inc. and 71.5% of Spuzzum Creek Power Corp. on October 1, 2007.

Confederation Power is an active developer with 24 MW of wind capacity either installed or in the final phases of commissioning. In addition, the company is working on a project pipeline representing over 450 MW of new renewable energy projects.

Confederation Power's current projects include both wind and hydro projects. The wind projects are clustered in Nova Scotia and Saskatchewan, and the hydro projects are clustered in British Columbia. This clustering allows Confederation Power to focus its resources, levering them across multiple projects in the same geographic and regulatory regions.

Upcoming Special Meeting of Unitholders

On May 28, 2008, a Special Meeting of Unitholders will be held whereby Unitholders of the fund will be asked to consider and approve certain amendments to its Trust Agreement that would result in:

  1. The addition of an annual redemption feature at net asset value less a 3% redemption fee payable to the manager commencing in January, 2009;
  2. The ability to employ leverage up to a maximum of 25% of its total assets; and
  3. An expanded scope of permitted investments that would include all forms of public and private power and energy related investments.

Unitholders of record on April 22, 2008 will be entitled to receive notice of and vote at the meeting. A copy of the Notice and Management Information Circular which details the matters to be considered at the meeting will be available shortly at

For further information, please call Robert MacNiven, Investor Relations, First Asset Funds Inc. at 416- 642-1289 or 1-877-642-1289 or visit