Brookfield Renewable Acquires 85 MW of Hydroelectric Assets in New England and California

High-quality renewable power assets in key U.S. markets
Continuing to add capacity with long-term upside
Strong fit with existing operating platform
Long term operating licenses

Brookfield Renewable Energy Partners L.P. (TSX: BEP.UN; NYSE: BEP) (“Brookfield Renewable”) today announced that it has agreed, in two separate unrelated transactions, to acquire a 70 MW hydroelectric portfolio in Maine, and the remaining 50% interest in its 30 MW Malacha Hydro facility in California. Both transactions will be pursued with Brookfield Renewable’s institutional partners.

The Maine portfolio being acquired from affiliates of ArcLight Capital Partners, LLC, consists of nine hydroelectric facilities on the Penobscot, Androscoggin and Union rivers, and provides Brookfield Renewable with a strong fit with its existing 270 MW of operating capacity on the same river systems. The facilities have average expected generation of approximately 375,000 megawatt hours annually and approximately 60% of the portfolio’s output is currently sold into the New England wholesale power market, with the remainder sold under long-term contract to local utilities until 2024 and 2028. The portfolio benefits from long-term FERC licenses, in most cases expiring after 2029.

Brookfield Renewable and its partners have also agreed to acquire the remaining 50% interest in the 30 MW Malacha Hydro peaking facility on the Pit River in Lassen County, California. Brookfield Renewable acquired its initial operating interest in December 2010. All of Malacha Hydro’s output is sold under a fixed-price contract to Pacific Gas and Electric Company until 2028 with a natural gas indexed energy price component starting in 2017.

“These hydroelectric facilities are highly complementary to our existing portfolio in North America,” said Richard Legault, President and CEO of Brookfield Renewable. “We continue to add high quality assets in this low-price environment, which provide an attractive combination of stable, contracted revenues and strong prospects for long-term cash flow growth. Moreover, we are pleased to continue to invest in Maine and California, both important markets for us. Our knowledge of hydro and our operating expertise in these markets give us confidence in the long-term value creation potential of this portfolio.”

The acquisitions will be funded through available liquidity and available capital from Brookfield Renewable’s institutional partners. It is expected that a portion of the purchase price will be funded with non-recourse, fixed-rate debt. The transactions are subject to regulatory approvals and other customary closing conditions and are expected to close before the end of 2013.

Brookfield Renewable Energy Partners (TSX: BEP.UN; NYSE: BEP) operates one of the largest publicly-traded, pure-play renewable power platforms globally. Its portfolio is primarily hydroelectric and totals approximately 5,900 megawatts of installed capacity. Diversified across 69 river systems and 12 power markets in the United States, Canada and Brazil, the portfolio’s output is sold predominantly under long-term contracts and generates enough electricity from renewable resources to power more than three million homes on average each year. With a portfolio of high-quality assets and strong growth prospects, the business is positioned to generate stable, long-term cash flows supporting regular and growing cash distributions to shareholders. For more information, please visit www.brookfieldrenewable.com.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking statements and information, within the meaning of Canadian securities laws, concerning the business and operations of Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements in this News Release include statements regarding the acquisition of hydroelectric generating stations in Maine and California (the “portfolio”), the acquisition financing and debt funding, ownership structure, the portfolio’s expected long-term production and long-term value potential, its power sales opportunities, the attractiveness of the regional power market, the receipt of regulatory approvals and the expected time of closing . Forward-looking statements can be identified by the use of words such as “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavours”, “pursues”, “strives”, “seeks” or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this News Release are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. You should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Source: Brookfield Renewable

For more information on: Brookfield Renewable