UPDATE 2-Great Lakes buys Brookfield power assets

* Pays C$945 million for hydroelectric, wind assets

* Great Lakes to become Brookfield Renewable Power Fund

* Positioned to convert to a corporation in 2011 (Adds details)

CALGARY, Alberta, July 6 (Reuters) - Great Lakes Hydro Income Fund GLH_u.TO will pay C$945 million ($815 million) for its biggest shareholder's Canadian power operations in a deal aimed at positioning itself for a conversion into a corporation by 2011, it said on Monday.

Under the deal, Great Lakes will buy 15 hydroelectric facilities and one wind farm, which is under development, from Brookfield Asset Management Inc (BAMa.TO), and issue C$380 million subscription receipts to help fund the transaction.

Brookfield will acquire half of the newly issued units, boosting its capital invested in the trust to C$1 billion and maintaining its ownership at 50.01 percent.

Units of Gatineau, Quebec-based Great Lakes were up 16 Canadian cents at C$16.09 on the Toronto Stock Exchange before being halted for the announcement. Brookfield shares fell 36 Canadian cents to C$19.41.

After the transaction, Great Lakes will be renamed Brookfield Renewable Power Fund and will be positioned to convert to a corporation in January 2011, the company said.

That is when the Canadian government is set to remove the tax advantages that had fostered the creation income trusts through October 2006.