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

Brookfield Renewable Acquires 85 MW of Hydroelectric Assets in New England and 
All amounts in U.S. dollars unless otherwise indicated 
- 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 
HAMILTON, BERMUDA -- (Marketwired) -- 11/01/13 -- 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
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  
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. 
Factors that could cause actual results to differ materially from
those contemplated or implied by forward-looking statements include,
but are not limited to: the risk that the conditions precedent to be
met, and the regulatory and third party approvals to be obtained, for
the acquisition to close, are not met or obtained, 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; our operations being 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; force majeure events; exposure to
uninsurable losses; adverse changes in currency exchange rates; our
inability to access interconnection facilities and transmission
systems; occupational, health, safety and environmental risks;
disputes and litigation; losses resulting from fraud, 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; risks related to operating in
Brazil; our inability to finance our operations; 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 inability 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; our obligations to issue equity or debt for future
acquisitions and developments; and foreign laws or regulation to
which we become subject as a result of future acquisitions in new
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 November 1, 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 Form 20-F.
Brookfield Renewable Energy Partners L.P.
Zev Korman
Vice President, Investor and Media Relations
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