Brookfield Renewable Power Fund

Brookfield Renewable Power Fund
Brookfield Renewable Power Inc.

Brookfield Renewable Power Inc.

June 10, 2010 16:24 ET

Brookfield Renewable Power Fund and Brookfield Renewable Power Inc. Announce Secondary Offering of Fund Units

Public Float to Increase as Brookfield Renewable Power Inc. to Sell Part of Its Interest

TORONTO, ONTARIO and GATINEAU, QUEBEC--(Marketwire - June 10, 2010) -


Brookfield Renewable Power Fund (the "Fund") (TSX:BRC.UN) and Brookfield Renewable Power Inc. ("BRPI") today announced a bought-deal secondary offering, with a syndicate of underwriters led by CIBC World Markets Inc. and Scotia Capital Inc., through which BRPI, the selling unitholder, has agreed to sell 8,000,000 of its Fund units at an offering price of $19.60 per unit. The Underwriters have been granted an over-allotment option to purchase up to an additional 1,200,000 units at the offering price, under the same terms, exercisable for a period of 30 days from closing of the Offering.

BRPI and its affiliates currently own 54,390,838 Fund units, approximately 50.01% of the Fund's units on a fully-exchanged basis. Upon the completion of the offering, but before giving effect to the over-allotment option, it is anticipated that BRPI will own 46,390,838 Fund units directly and indirectly, representing approximately 43% of the Fund's units on a fully-exchanged basis, and remain its largest unitholder.

"The Fund has achieved significant success and growth over the last ten years and most importantly, continues to be well positioned for the future, given its strong financial and operating position, recent inclusion in the S&P/TSX Composite Index, and its expected conversion from a trust to a corporation later this year," said Richard Legault, President and CEO of Brookfield Renewable Power Fund."

The proceeds from the offering will provide BRPI with additional liquidity.

The Fund will continue to be administered and managed by BRPI and remain Brookfield Asset Management Inc.'s exclusive vehicle for Canadian contracted operating and construction-ready hydro and wind power generation facilities.

A preliminary short-form prospectus relating to the offering will be filed shortly with Canadian securities regulatory authorities. Closing of the offering is expected to occur on or about July 6, 2010 and is subject to certain conditions, including customary regulatory approvals. The Fund will not receive any proceeds from this offering, the costs of which will be borne by BRPI.

This news release shall not constitute an offer of securities for sale in the United States. The units of the Fund offered will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold into the United States absent registration or an exemption from registration. There shall not be any public offering of the units of the Fund in the United States.


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 press release include statements regarding a secondary offering of Fund units by BRPI, BRPI's ownership of Fund units following the offering, the business, operations and financial condition of the Fund, the conversion of the Fund to a corporation, the Fund's liquidity and the use of proceeds from the offering. Forward-looking statements can be identified by the use of words such as "anticipated", "will", "continue", "expected", "seek", or variations of such words and phrases. Although the Fund believes that the Fund's 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 the Fund 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 the Fund to replace contracts; the Fund's dependence on Brookfield Renewable Power Inc. and potential conflicts of interest between Brookfield Renewable Power Inc., Brookfield Asset Management Inc. and the Fund; failure by the Fund to discover liabilities associated with, and inability of the Fund to successfully integrate, acquisitions; risks associated with the Fund's proposed conversion to a corporation; an inability of the Fund to execute its growth strategy; and other risks and factors detailed from time to time in the Fund's public filings including the Annual Information Form dated March 26, 2010 under the heading "Risk Factors" and Management Discussion and Analysis of Financial Results under the headings "Financial Instrument Risks", "Risk Factors" and "Business Environment and Risks". We caution that the foregoing list of important factors that may affect future results is not exhaustive. Except as required by law, the Fund 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 Fund

Brookfield Renewable Power Fund ( is a premier Canadian income fund and one of the largest power income funds in North America with more than 1,600 megawatts of power generating capacity and average annual production exceeding 6,350 gigawatt hours.

The Fund produces electricity exclusively from environmentally friendly and renewable resources. The Fund indirectly owns or holds interests in 42 high quality hydroelectric generating stations and one wind farm in four distinct geographic regions across North America: Quebec, Ontario, British Columbia and New England.

Brookfield Renewable Power Inc., which comprises all of the power operations of Brookfield Asset Management, owns 50.01% of the Fund's outstanding units on a fully-exchanged basis. The Fund's Units are listed for trading on the TSX under the symbol BRC.UN.

About Brookfield Renewable Power Inc.

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 approximately 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 over 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 and Brookfield Asset Management's website at

Brookfield Renewable's registered and head office is at P.O. Box 762, Brookfield Place, 181 Bay Street, Suite 300, Toronto, Ontario, Canada, M5J 2T3.

For more information, please visit

Contact Information

  • Brookfield Renewable Power Fund
    Zev Korman
    Director, Investor Relations and Communications
    (416) 359-1955