Brookfield Renewable Reports Strong 2013 First Quarter Results

Brookfield Renewable Reports Strong 2013 First Quarter Results 
HAMILTON, BERMUDA -- (Marketwired) -- 05/08/13 -- Brookfield
Renewable Energy Partners L.P. (TSX:BEP.UN) - 
All amounts in U.S. dollars unless stated otherwise 
Investors, analysts and other interested parties can access
Brookfield Renewable's 2013 first quarter results as well as the
Letter to Shareholders and Supplemental Results on the web site under
the Investor Relations section at 
The 2013 first quarter results conference call can be accessed via
webcast on May 8, 2013 at 9:00 a.m. ET at
or via teleconference at 1-800-319-4610 toll free in North America.
For overseas calls please dial 1-604-638-5340, at approximately 8:50
a.m. ET. The teleconference taped rebroadcast can be accessed at
1-800-319-6413 (password: 1557#) until June 7, 2013. 
Brookfield Renewable Energy Partners L.P. ("Brookfield Renewable")
today announced its results for the three months ended March 31,
"Our first quarter results reflect strong operating performance and
continued progress in meeting our long-term growth objectives," said
Richard Legault, President and CEO of Brookfield Renewable.
"Favourable hydrological conditions resulted in generation at
long-term average levels, while the acquisition of more than 560 MW
of hydroelectric and wind assets has expanded our portfolio in
attractive markets. We continue to benefit from a high-quality
portfolio, whose output is sold predominantly under long-term power
sales agreements and is also well positioned to benefit from rising
energy prices over time." 
Financial Results  

Unaudited, US$ millions                                   Three Months Ended
(except per unit amounts)                                           March 31
                                                              2013      2012
Generation (GWh)                                                            
  - Total                                                    5,535     4,817
  - Brookfield Renewable's share                             4,634     4,453
Revenues                                                 $     437 $     426
Adjusted EBITDA(1)                                       $     319 $     318
Funds from operations (FFO)(1)                           $     162 $     175
FFO per unit(2)                                          $    0.61 $    0.66
(1)  Non-IFRS measure. Refer to "Cautionary Statement Regarding Use of Non- 
     IFRS Measures".                                                        
(2)  Weighted average LP units, redeemable/exchangeable partnership units   
     held by Brookfield Asset Management and general partnership units      
     totaled 265.2 million (2012: 265.1 million).                           

Review of Operations 
Total generation was 5,535 GWh for three months ended March 31, 2013
compared to the long-term average of 5,325 GWh and to 4,817 GWh for
the same period in the prior year. The hydroelectric portfolio
benefited from favourable inflows resulting in long-term average
generation in most regions. Hydroelectric generation was 646 GWh
higher than the prior year primarily due to the contribution of
acquired or commissioned facilities in the last 12 months. Generation
from existing hydroelectric facilities in Canada and parts of the
United States was slightly lower than the prior year, when
precipitation and generation levels were well above the average.
Reservoir levels on a portfolio basis are in line with long-term
average conditions for this time of year. 
Generation from wind totaled 539 GWh, an increase of 81 GWh as
compared to the same period of the prior year. Additional
contributions from facilities acquired or commissioned in California
and New England during the last 12 months, were partly offset by wind
conditions in Canada which were equal to the long term average but
lower than the strong results in the prior year.  
For the first quarter of 2013, funds from operations was in line with
plan at $162 million ($0.61 per unit) as compared with $175 million
($0.66 per unit) in the first quarter of 2012. Results in 2012
reflect above average hydrology and strong generation notably in
markets where power purchase agreement prices are higher than our
average price. 
The tables below summarize generation by segment and region: 

                                     Generation (GWh)   Variance of Results 
For the three months ended     Actual  Actual     LTA    Actual  Actual vs. 
 March 31                        2013    2012    2013   vs. LTA  Prior Year 
Hydroelectric generation                                                    
  United States                 2,561   1,958   2,389       172         603 
  Canada                        1,282   1,308   1,196        86         (26)
  Brazil(1)                       936     867     936         -          69 
                                4,779   4,133   4,521       258         646 
Wind Energy                                                                 
  United States                   216      90     258       (42)        126 
  Canada                          323     368     324        (1)        (45)
                                  539     458     582       (43)         81 
Other                             217     226     222        (5)         (9)
Total generation(2)             5,535   4,817   5,325       210         718 
(1)  In Brazil, assured generation levels are used as a proxy for long-term 
(2)  Includes 100% of generation from equity-accounted investments.         

Growth Initiatives 
In the first quarter, Brookfield Renewable deployed $600 million of
equity to acquire over 560 MW of hydroelectric and wind facilities in
our core markets: 

--  We completed the acquisition and refinancing of a 360 MW hydroelectric
    portfolio in Maine. Following this transaction Brookfield Renewable owns
    and operates nearly 1,300 MW of capacity in New England, making it one
    of the region's largest independent power producers.
--  We acquired our partner's 50% stake in the 83 MW Powell River Energy
    portfolio in British Columbia. Brookfield Renewable has managed and
    operated the facility since 2001.
--  We expanded our operating wind portfolio in the attractive California
    market to 430 MW with the acquisition of 93% of the outstanding shares
    of Western Wind Energy Corp. We expect to acquire the remaining shares
    in the second quarter.

During the quarter, we achieved commercial operations for a 29 MW
hydroelectric project in Brazil, which brings the total to 14
stations and 314 MW that have been constructed in Brazil since 2003.  
The 45 MW Kokish River hydro project in western Canada is progressing
as planned and is on track for completion in mid-2014. 
Financial Position and Liquidity  
During the quarter, Brookfield Renewable completed C$580 million in
project financings related to our Ontario wind portfolio. Available
liquidity as at the date of this release is approximately $680
Distribution Declaration 
The Board of Directors has declared a quarterly distribution in the
amount of US$0.3625 per unit, payable on July 31, 2013 to unitholders
of record as at the close of business on June 30, 2013. The recent
increase in the quarterly distribution to $1.45 per unit on an
annualized basis took effect with the first quarter distribution paid
on April 30, 2013. This distribution is consistent with Brookfield
Renewable's policy of targeting a long-term, sustainable distribution
in the range of 60-70% of FFO and which increases on average by 3% to
5% annually.  
The regular quarterly dividends on the Brookfield Renewable Power
Preferred Equity Inc. preferred shares have also been declared. 
Information on Brookfield Renewable's distributions and preferred
share dividends can be found on its website at under Investor Relations.  
Distribution Reinvestment Plan 
Brookfield Renewable maintains a Distribution Reinvestment Plan
("DRIP") which allows holders of its limited partnership units who
are resident in Canada to acquire additional units by reinvesting all
or a portion of their cash distributions without paying commissions.
Information on the DRIP, including details on how to enroll, is
available on Brookfield Renewable's website at  
Additional Information 
The Letter to Shareholders and the Supplemental Results for the
period ended March 31, 2013 contain further information on Brookfield
Renewable's strategy, operations and financial results. Shareholders
are encouraged to read these documents, which are available at 
Brookfield Renewable Energy Partners (TSX:BEP.UN) 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 70 river systems and 11 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 
This news release contains forward-looking statements and
information, within the meaning of Canadian securities laws and
"forward-looking statements" within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, Section 21E of the U.S.
Securities Exchange Act of 1934, as amended, "safe harbor" of the
United States Private Securities Litigation Reform Act of 1995 and in
any applicable Canadian securities regulations, 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 quality of Brookfield Renewable's
assets and the resiliency of the cash flow they will generate,
Brookfield Renewable's anticipated financial performance, future
commissioning of assets, contracted portfolio, technology
diversification, acquisition opportunities, expected completion of
acquisitions, listing on the NYSE, future energy prices and demand
for electricity, the future growth prospects and distribution profile
of Brookfield Renewable and Brookfield Renewable's access to capital.
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. 
Factors that could cause actual results to differ materially from
those contemplated or implied by forward-looking statements include,
but are not limited to: our limited operating history; the risk that
we may be deemed an "investment company" under the Investment Company
Act; the fact that we are not subject to the same disclosure
requirements as a U.S. domestic issuer; the risk that the
effectiveness of our internal controls over financial reporting could
have a material effect on our business; changes to hydrology at our
hydroelectric stations or in wind conditions at our wind energy
facilities; the risk that counterparties to our contracts do not
fulfill their obligations, and as our contracts expire, we may not be
able to replace them with agreements on similar terms; increases in
water rental costs (or similar fees) or changes to the regulation of
water supply; volatility in supply and demand in the energy market;
our operations are highly regulated and exposed to increased
regulation which could result in additional costs; the risk that our
concessions and licenses will not be renewed; increases in the cost
of operating our plants; our failure to comply with conditions in, or
our inability to maintain, governmental permits; equipment failure;
dam failures and the costs of repairing such failures; exposure to
force majeure events; exposure to uninsurable losses;
adverse changes in currency exchange rates; availability and access
to interconnection facilities and transmission systems; health,
safety and environmental risks; disputes and litigation; our
operations could be affected by local communities; losses resulting
from fraud, bribery, corruption, other illegal acts, inadequate or
failed internal processes or systems, or from external events;
general industry risks relating to the North American and Brazilian
power market sectors; advances in technology that impair or eliminate
the competitive advantage of our projects; newly developed
technologies in which we invest not performing as anticipated; labour
disruptions and economically unfavourable collective bargaining
agreements; our inability to finance our operations due to the status
of the capital markets; the operating and financial restrictions
imposed on us by our loan, debt and security agreements; changes in
our credit ratings; changes to government regulations that provide
incentives for renewable energy; our inability to identify and
complete sufficient investment opportunities; the growth of our
portfolio; our inability to develop existing sites or find new sites
suitable for the development of greenfield projects; risks associated
with the development of our generating facilities and the various
types of arrangements we enter into with communities and joint
venture partners; Brookfield Asset Management's election not to
source acquisition opportunities for us and our lack of access to all
renewable power acquisitions that Brookfield Asset Management
identifies; our lack of control over all our operations conducted
through joint ventures, partnerships and consortium arrangements; our
ability to issue equity or debt for future acquisitions and
developments will be dependent on capital markets; foreign laws or
regulation to which we become subject as a result of future
acquisitions in new markets; the departure of some or all of
Brookfield's key professionals. 
We caution that the foregoing list of important factors that may
affect future results is not exhaustive. The forward-looking
statements represent our views as of the date of this news release
and should not be relied upon as representing our views as of any
date subsequent to May 8, 2013, the date of this news release. While
we anticipate that subsequent events and developments may cause our
views to change, we disclaim any obligation to update the
forward-looking statements, other than as required by applicable law.
For further information on these known and unknown risks, please see
"Risk Factors" included in our Annual Information Form and 20-F
registration statement. 
This news release contains references to Adjusted EBITDA, funds from
operations and net asset value which are not generally accepted
accounting measures under IFRS and therefore may differ from
definitions of Adjusted EBITDA, funds from operations and net asset
value used by other entities. We believe that Adjusted EBITDA, funds
from operations and net asset value are useful supplemental measures
that may assist investors in assessing the financial performance and
the cash anticipated to be generated by our operating portfolio.
Neither Adjusted EBITDA, funds from operations nor net asset value
should be considered as the sole measure of our performance and
should not be considered in isolation from, or as a substitute for,
analysis of our financial statements prepared in accordance with
A reconciliation of Adjusted EBITDA and funds from operations to net
income is presented in our Management's Discussion and Analysis and
in our interim consolidated financial statements for the first
quarter of 2013 at 
References to Brookfield Renewable are to Brookfield Renewable Energy
Partners L.P. together with its subsidiary and operating entities
unless the context reflects otherwise. 

1  Adjusted EBITDA means revenues less direct costs (including energy       
   marketing costs), plus our share of cash earnings from equity-accounted  
   investments and other income, before interest, income taxes,             
   depreciation, amortization, management service costs and the cash portion
   of non-controlling interests. Funds from operations is defined as        
   Adjusted EBITDA less interest, current income taxes and management       
   service costs, which is then adjusted for the cash portion of non-       
   controlling interests.                                                   
NET ASSET VALUE                                                             
                                                  Total           Per Share 
                                       Mar 31    Dec 31    Mar 31    Dec 31 
(MILLIONS, EXCEPT AS NOTED)              2013      2012      2013      2012 
Property, plant and equipment, at                                           
 fair value                                                                 
Hydroelectric(1)                     $ 13,946  $ 13,005  $  52.58  $  49.04 
Wind energy                             2,607     2,244      9.83      8.46 
Other                                      69        71      0.26      0.27 
                                       16,622    15,320     62.67     57.77 
Development assets                        338       382      1.27      1.44 
Equity-accounted investments              326       344      1.23      1.30 
Working capital and other, net            277       149      1.04      0.56 
Long-term debt and credit facilities   (7,230)   (6,119)   (27.26)   (23.07)
Participating non-controlling                                               
 interests - in operating                                                   
 subsidiaries                          (1,027)   (1,028)    (3.87)    (3.88)
Preferred equity                         (659)     (500)    (2.48)    (1.89)
Net asset value(2)                   $  8,647  $  8,548  $  32.60  $  32.23 
(1)  Includes $43 million of intangible assets (2012: $44 million).         
(2)  Non-IFRS measure. Refer to "Cautionary Statement Regarding Use of Non- 
     IFRS Measures".                                                        


Three months ended March 31                                                 
(MILLIONS, EXCEPT AS NOTED)                                  2013      2012 
Generation (GWh)                                            5,535     4,817 
Revenues                                                 $    437  $    426 
Other income                                                    2         5 
Share of cash earnings from equity-accounted investments        6         4 
Direct operating costs                                       (126)     (117)
Adjusted EBITDA(1)                                            319       318 
Interest expense - borrowings                                (102)     (110)
Management service costs                                      (12)       (7)
Current income taxes                                           (3)       (6)
Less: cash portion of non-controlling interests               (40)      (20)
Funds from operations(1)                                      162       175 
Add: cash portion of non-controlling interests                 40        20 
Other items:                                                                
  Depreciation and amortization                              (128)     (126)
  Unrealized financial instrument gain (loss)                  16        (9)
  Share of non-cash loss from equity-accounted                              
   investments                                                 (2)       (3)
Deferred income tax recovery                                   (1)      (13)
Other                                                          (2)      (13)
Net income                                               $     85  $     31 
Net income (loss) attributable to:                                          
  Non-controlling interests                                                 
    Preferred equity                                     $      7  $      3 
    Participating non-controlling interests - in                            
     operating subsidiaries                                    16        (1)
    General partnership interest in a holding subsidiary                    
     held by Brookfield                                         1         - 
    Participating non-controlling interests - in a                          
     holding subsidiary - Redeemable/Exchangeable units                     
     held by Brookfield                                        30        14 
  Limited partners' equity                                     31        15 
Basic and diluted earnings per LP Unit (2)               $   0.23  $   0.11 

(1)  Non-IFRS measures. See "Cautionary Statement Regarding Use of Non-IFRS 
(2)  Average LP Units outstanding during the period totaled 132.9 million.  

The following table reflects generation for the three months ended
March 31, on a proportionate and consolidated basis. 

                        Proportionate                 interests Consolidated
                Wholly- Partially-     Equity-                              
Generation        owned      owned   accounted                              
 (GWh)           assets     assets investments  Total                       
  United States   1,539        363          48  1,950       611        2,561
  Canada          1,136          -          73  1,209        73        1,282
  Brazil(1)         824         18          20    862        74          936
                  3,499        381         141  4,021       758        4,779
Wind energy                                                                 
  United States      35         38           -     73       143          216
  Canada            323          -           -    323         -          323
                    358         38           -    396       143          539
Other               217          -           -    217         -          217
 - 2013           4,074        419         141  4,634       901        5,535
 - 2012           4,028        303         122  4,453       364        4,817
(1)  In Brazil, assured energy generation levels are used as a proxy for    
     long-term average.                                                     
(2)  Includes 100% of generation from equity-accounted investments.         

The following table illustrates our financial results for the three
months ended March 31, 2013, including revenues, adjusted EBITDA, and
funds from operations, on a proportionate basis, while adjusting for
our share from facilities in which we own less than 100%: 

                           Proportionate             interests Consolidated 
(MILLIONS,     Wholly- Partially-     Equity-                               
 EXCEPT AS       owned      owned   accounted                               
 NOTED)         assets     assets investments  Total                        
Revenues       $   326  $      55  $        - $  381  $     56  $       437 
Other income         2          -           -      2         -            2 
Share of cash                                                               
 earnings from                                                              
 investments         -          -           6      6         -            6 
 costs            (105)        (9)          -   (114)      (12)        (126)
 EBITDA(1)         223         46           6    275        44          319 
 expense -                                                                  
 borrowings        (77)       (14)          -    (91)      (11)        (102)
 service costs     (12)         -           -    (12)        -          (12)
Current income                                                              
 taxes              (3)         -           -     (3)        -           (3)
Cash portion                                                                
 of non-                                                                    
 interests      (7)(2)          -           -     (7)  (33)(3)          (40)
Funds from                                                                  
 operations(1) $   124  $      32  $        6 $  162  $      -  $       162 
(1)  Non-IFRS measures. Refer to "Cautionary Statement Regarding Use of Non-
     IFRS Measures".                                                        
(2)  Represents the distributions to preferred shareholders.                
(3)  Represents third party interests' funds from operations.               

Brookfield Renewable Energy Partners L.P.
Zev Korman
Director, Investor Relations
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