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

Brookfield Renewable Acquires Remaining Interest in 417 MW Safe Harbor 
Hydroelectric Facility 
FOR: Brookfield Renewable Energy Partners L.P. 
MAY 15, 2014 
Brookfield Renewable Acquires Remaining Interest in 417 MW Safe Harbor
Hydroelectric Facility 
HAMILTON, BERMUDA--(Marketwired - May 15, 2014) -  
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
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 credits. 
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
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
INDUSTRY:  Energy and Utilities - Alternative Energy, Environment - Natural
Resource Management 
-0- May/15/2014 22:05 GMT
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