Brascan Power

October 18, 2005 14:16 ET

Brascan Power Hosts Official Groundbreaking of Prince Wind Energy Project

GATINEAU, QUEBEC--(CCNMatthews - Oct. 18, 2005) - Representatives from government, economic development, the construction industry and the energy sector met in Sault Ste. Marie today to officially launch the start of construction of Brascan Power's Prince Phase I Wind Energy Project. Expected to be completed in the second half of 2006, the project will have the capacity to deliver 99 megawatts (MW) of power to Ontario's electricity market, enough renewable electricity to power close to 20,000 homes.

At an official groundbreaking ceremony, the Honourable David Ramsay, Ontario Minister of Natural Resources and Minister Responsible for Aboriginal Affairs, joined Brascan Power and other local officials to formally launch the project.

Brascan Power's Prince Wind Farm was announced in November 2004 as one of the successful bids in the Ontario government's 300 MW Request for Proposals for new renewable energy supply.

"I am pleased that Brascan Power is moving forward on the Prince Wind Farm. The development of this project is an important step towards building a clean, green and sustainable energy supply," said Minister David Ramsay. "This project is a win for the residents of this area, and for the people of Ontario."

The wind farm will be powered with 66 GE Energy 1.5 MW wind turbine generators located in the Townships of Prince, Dennis and Pennefather, northwest of Sault Ste. Marie, Ontario.

"The Prince Wind Energy project represents an important milestone in the growth of our company's renewable power generating portfolio and will be an excellent complement to our existing assets in the region," said Harry Goldgut, Chairman and Chief Executive Officer of Brascan Power. "We are pleased to be bringing an additional source of clean, renewable power to Ontario and look forward to furthering our relationship with the residents of this community."

Groundbreaking pictures are available upon email request at france.seguin@brascanpower.com

About Brascan Power

Brascan Power comprises the power generating, transmission, distribution and marketing operations of Brascan Corporation (to be renamed Brookfield Asset Management). Brascan Power has developed and successfully operated hydroelectric power facilities, primarily in North America, for almost 100 years. Brascan Power's portfolio includes 130 hydroelectric power generating stations located on 43 river systems, 2 co-generation facilities and transmission and distribution assets, principally in the northeast. (See www.brascanpower.com for more details). Brookfield Asset Management (currently Brascan Corporation) is a specialist asset manager. Focused on property, power and infrastructure assets, the company has approximately $40 billion of assets under management. The company is co-listed on the New York and Toronto Stock Exchanges under BAM. (See www.brascancorp.com for more details).

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