Brookfield Renewable Acquires Remaining Interest in 417 MW Safe Harbor Hydroelectric Facility

Brookfield Renewable Acquires Remaining Interest in 417 MW Safe Harbor 
Hydroelectric Facility 
HAMILTON, BERMUDA -- (Marketwired) -- 05/15/14 --  All amounts in
U.S. dollars 
Brookfield Renewable Energy Partners L.P. (TSX: BEP.UN)(NYSE: BEP)
("Brookfield Renewable") today announced that, with its institutional
partners, it has entered into an agreement with a wholly-owned
subsidiary of Exelon Corporation, to acquire the remaining 67%
interest it did not already own in the 417 MW Safe Harbor
hydroelectric facility on the Susquehanna River in Pennsylvania
("Safe Harbor").  
"We are pleased to be acquiring the remaining interest in Safe
Harbor," said Richard Legault, President and CEO of Brookfield
Renewable. "This investment is consistent with our strategy of owning
and operating high-quality, renewable assets in power markets with
attractive long-term fundamentals."  
Safe Harbor generates an average of 1,100 GWh annually and possesses
storage capabilities that support daily operations and dispatch
during peaking hours. It is one of the largest conventional
hydroelectric facilities in Pennsylvania-New Jersey-Maryland
Interconnection ("PJM"), a market which offers multiple revenue
streams including energy, capacity, ancillaries and renewable energy
The total purchase price for the transaction is approximately $613
million subject to customary working capital adjustments, and will be
funded through available liquidity and capital from Brookfield
Renewable and its institutional partners. It is expected that a
portion of the purchase price will be funded with non-recourse,
fixed-rate financing.  
The transaction, which is subject to customary closing conditions and
regulatory approvals, is expected to be completed in the third
quarter of 2014. 
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 over 6,000 megawatts of installed capacity. Diversified
across 71 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 
This Press 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 Press Release
include statements regarding an acquisition opportunity and the
expected completion of such acquisition, the average energy
generation and storage capabilities of the assets contemplated by the
acquisition and Brookfield Renewable's access to capital and expected
funding for the acquisition. Forward-looking statements can be
identified by the use of words such as "expects", "scheduled",
"estimates", "approximately" 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 Press 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 fact that we are not subject to the same
disclosure requirements as a U.S. domestic issuer; the risk that
counterparties to our contracts do not fulfill their obligations;
changes in hydrology at the hydroelectric stations we are acquiring;
our inability to complete the transaction; risks related to the
growth of our portfolio and our inability to realize the expected
benefits of the contemplated transaction; and our ability to issue
equity or debt to fund the acquisition, if necessary, being dependent
on capital markets.  
We caution that the foregoing list of important factors that may
affect our business and operations is not exhaustive. The
forward-looking statements represent our views as of the date of this
Press Release and should not be relied upon as representing our views
as of any date subsequent to May 15, 2014, the date of this Press
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 Form 20-F. 
Brookfield Renewable Energy Partners L.P.
Zev Korman
Vice President, Investor and Media Relations
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