Brookfield Renewable Power Inc.

Brookfield Renewable Power Inc.

October 04, 2010 12:06 ET

Brookfield Renewable Power Celebrates Opening of Gosfield Wind; Construction Begins on 166 MW Comber Wind Project

TORONTO, ONTARIO--(Marketwire - Oct. 4, 2010) - Brookfield Renewable Power Inc. ("Brookfield") today announced the opening of the 50 megawatt (MW) Gosfield Wind facility in the Town of Kingsville in Essex County, Ontario.

Hon. Brad Duguid, Minister of Energy for the province of Ontario attended the commissioning ceremony held today which included a number of key dignitaries, including Mr. Bruce Crozier, MPP for Essex County, and Mayor Nelson Santos, as well as representatives of Brookfield, landowners, turbine supplier Siemens, general contractor Mortenson, and other key stakeholders.

All power produced from the Gosfield Wind facility is being sold at a fixed price to the Ontario Power Authority under a 20-year power purchase agreement (PPA) and will qualify for the Canadian Federal Government's ecoEnergy Program for Renewable Energy. Commercial operations started under the project's PPA on September 16, 2010. 

"The McGuinty government is committed to creating a strong, reliable and clean energy system, and these wind power projects go a long way to helping us achieve this goal," said Brad Duguid, Ontario's Minister of Energy. "I am pleased to see Brookfield Renewable Power and the residents of Essex County, contributing, like so many communities across the province, to our vision for a cleaner, healthier and more prosperous Ontario," said Mr. Duguid.

Brookfield is also pleased to announce the start of construction at the 166 MW Comber Wind project in the neighbouring Town of Lakeshore. The Comber Wind project received a 20-year contract under the province of Ontario's Feed-in Tariff (FIT) Program and is expected to enter commercial operation in the fall of 2011. Together, Gosfield and Comber are expected to generate enough clean, renewable energy annually to power over 70,000 average Ontario homes. 

On a combined basis, the Gosfield and Comber projects are expected to represent an investment of more than $650 million and create 300 temporary jobs during construction and 15 permanent jobs for ongoing operations and maintenance. As required under the FIT Program, the Comber project will comprise at least 25% Ontario content, primarily through the supply of turbine components and construction labour.

"A project of this magnitude would not have been possible without support from many parties, particularly the local community with whom we have been working for the last eight years," said Harry Goldgut, Chairman of Brookfield Renewable Power. "We are grateful to the people of Essex County for their support, and together we are fulfilling the vision behind the Green Energy and Economy Act and bringing clean, renewable energy to the province of Ontario and supporting green manufacturing and services. We now look forward to construction of the Comber project which, together with Gosfield and our Prince Wind facility in northern Ontario, will bring Brookfield's wind generating capacity in the province to more than 400 megawatts by the end of 2011."

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements and information within the meaning of the Canadian securities laws. 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 Gosfield Wind facility and Comber Wind project, their anticipated production and economic benefits and Brookfield's expected wind generation capacity. Forward-looking statements can be identified by the use of words such as "will", "expected", "look forward", or variations of such words and phrases. Although Brookfield believes its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, it can give no assurance that such expectations will prove to have been correct. The reader 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 the actual results, performance or achievements of Brookfield 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 changes in hydrology and wind conditions; equipment failure; failure by counterparties to fulfill contractual obligations and failure by Brookfield to replace contracts; and potential conflicts of interest between Brookfield Renewable Power Inc. and Brookfield Asset Management Inc. failure by Brookfield to discover liabilities associated with, and inability of Brookfield to successfully integrate, acquisitions;; our ability to execute our growth strategy; and other risks and factors detailed from time to time in Brookfield's public filings including the Annual Information Form dated March 26, 2010 under the heading "Risk Factors" and Management's Discussion and Analysis of Financial Results for the fiscal year ended December 31, 2009 under the heading "Business Risks". We caution that the foregoing list of important factors that may affect future results is not exhaustive. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any forward looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

About Brookfield Renewable Power

Brookfield Renewable Power Inc., wholly-owned by Brookfield Asset Management Inc., has more than 100 years of experience as an owner, operator and developer of hydroelectric power facilities. Its total portfolio includes more than 165 generating facilities with over 4,200 megawatts of capacity. It also has a significant hydroelectric and wind project pipeline. Brookfield Renewable Power's operations are primarily located in North America and Brazil. Brookfield Asset Management Inc., focused on property, power and infrastructure assets, has more than US$100 billion of assets under management and is listed on the New York and Toronto Stock Exchanges under the symbols BAM and BAM.A, respectively, and on Euronext Amsterdam under the symbol BAMA. For more information, please visit Brookfield Renewable Power's website at www.brookfieldpower.com and Brookfield Asset Management's website at www.brookfield.com

Contact Information

  • Brookfield Renewable Power Fund
    Zev Korman
    Director, Investor Relations and Communications
    (416) 359-1955
    zev.korman@brookfield.com