Brookfield Renewable Power to Sell Canadian Hydro Assets and Wind
Farm Project to Great Lakes Hydro
Brookfield Renewable Power to Sell Canadian Hydro Assets and Wind Farm Project to Great Lakes Hydro Income Fund
(Thomson Reuters ONE) - TORONTO, ONTARIO--(Marketwire - July 06, 2009) - Brookfield RenewablePower Inc. ("BRPI") today announced that its Board of Directors hasapproved the sale to Great Lakes Hydro Income Fund (the "Fund") ofsubstantially all of its Canadian renewable power generation businessnot already owned by the Fund. The projects include 15 hydroelectricplants with a total installed capacity of 387 MW and asoon-to-be-constructed wind power project. BRPI will also increasethe price it currently pays for power generation from the Fund'sexisting Lievre and Mississagi power assets (collectively with theacquisition, the "Transaction") to reflect increases in power pricessince the contracts were originally entered into. After completingthe Transaction, BRPI will continue to own 50% of the Fund.As part of a strategic repositioning approved by its Board,Brookfield will invest in Canadian contracted renewable powergenerating assets through the Fund as its exclusive platform for suchinvestments. Brookfield and the Fund will maintain the Fund's currentfocus on producing stable cash flows from high-quality, long-liferenewable power assets."The proceeds from this sale will provide BRPI with additionalcapital to pursue highly promising investment opportunities in therapidly growing renewable power sector," said Harry Goldgut, Chairmanof Brookfield Renewable Power. "As a result of the strategicrepositioning and its 50% ownership of the Fund, Brookfield expectsto benefit from a stronger renewable power platform, greater accessto capital and significant growth opportunities."The total consideration payable by the Fund to BRPI in connectionwith the Transaction is C$945 million, which will be satisfied by (i)C$365 million in cash, payable out of the net proceeds of a C$185million bought-deal offering of subscription receipts and the netproceeds of a C$195 million concurrent private placement ofsubscription receipts; (ii) a C$200 million senior unsecured note ofthe Fund to be issued to BRPI; and (iii) the issuance to BRPI of25,562,500 trust units of the Fund at a price equal to the weightedaverage price of the subscription receipts issued under the offeringand the private placement (representing an aggregate of C$380million).The Transaction is subject to regulatory and unitholder approval andis expected to close in the third quarter of 2009. Further details onthe Transaction, its financing and the strategic repositioning areprovided in the Fund's news release issued on July 6, 2009.About Brookfield Renewable PowerBrookfield Renewable Power Inc., wholly-owned by Brookfield AssetManagement Inc., has more than 100 years of experience as an owner,operator and developer of hydroelectric power facilities. Its totalportfolio includes more than 165 generating facilities withapproximately 4,100 megawatts of capacity. It also has a significanthydroelectric and wind project pipeline. Brookfield Renewable Power'soperations are primarily located in North America and Brazil.Brookfield Asset Management Inc., focused on property, power andinfrastructure assets, has approximately US$80 billion of assetsunder management and is listed on the New York and Toronto StockExchanges under the symbols BAM and BAM.A, respectively, and onEuronext Amsterdam under the symbol BAMA. For more information,please visit Brookfield Renewable Power's website atwww.brookfieldpower.com and Brookfield Asset Management's website atwww.brookfield.com.Contacts:Brookfield Renewable PowerZev KormanDirector, Investor Relations & Communications(416) 359-1955zkorman(at)brookfield.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 06.07.2009 - 22:15 Uhr
Sprache: Deutsch
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Farm Project to Great Lakes Hydro "
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