July 7, 2008

Brookfield completes financing for acquisition of Itiquira generating plant

TORONTO

Brookfield Renewable Power Inc. announced it has completed a US$120-million project financing related to the acquisition of the Itiquira hydroelectric generating facility in Brazil.

The financing was provided by Calyon, the corporate and investment banking arm of the Credit Agricole Group, and Export Development Canada, a federal Crown corporation.

Brookfield Asset Management Inc. announced in December 2007 that it had agreed to acquire Itiquira Energetica S.A. for US$288 million through its power subsidiary.

Itiquira Energetica owns a 156-megawatt hydroelectric generating plant on the Itiquira River in Brazil’s Mato Grosso state.

With the Itiquira acquisition, Brookfield, formerly called Brascan, now has 470 megawatt of generating capacity across 29 hydroelectric stations based mainly in the South, Southeast and Midwest regions of Brazil.

The Canadian company, which has a long history of involvement in the Brazilian power industry, also has several facilities under construction in Brazil and a pipeline of development opportunities.

“This financing supports our growth strategy and is indicative of the high quality of our hydro assets such as Itiquira,” said Richard Legault, president and co-CEO of Brookfield Renewable Power.

Canadian Press

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