Brookfield Renewable Power to Sell Canadian Hydro Assets and Wind Farm Project to Great Lakes Hydro Income Fund

TORONTO, ONTARIO, Jul 06 (MARKET WIRE) --
Brookfield Renewable Power Inc. ("BRPI") today announced that its Board
of Directors has approved the sale to Great Lakes Hydro Income Fund (the
"Fund") of substantially all of its Canadian renewable power generation
business not already owned by the Fund. The projects include 15
hydroelectric plants with a total installed capacity of 387 MW and a
soon-to-be-constructed wind power project. BRPI will also increase the
price it currently pays for power generation from the Fund's existing
Lievre and Mississagi power assets (collectively with the acquisition,
the "Transaction") to reflect increases in power prices since the
contracts were originally entered into. After completing the Transaction,
BRPI will continue to own 50% of the Fund.

As part of a strategic repositioning approved by its Board, Brookfield
will invest in Canadian contracted renewable power generating assets
through the Fund as its exclusive platform for such investments.
Brookfield and the Fund will maintain the Fund's current focus on
producing stable cash flows from high-quality, long-life renewable power
assets.

"The proceeds from this sale will provide BRPI with additional capital to
pursue highly promising investment opportunities in the rapidly growing
renewable power sector," said Harry Goldgut, Chairman of Brookfield
Renewable Power. "As a result of the strategic repositioning and its 50%
ownership of the Fund, Brookfield expects to benefit from a stronger
renewable power platform, greater access to capital and significant
growth opportunities."

The total consideration payable by the Fund to BRPI in connection with
the Transaction is C$945 million, which will be satisfied by (i) C$365
million in cash, payable out of the net proceeds of a C$185 million
bought-deal offering of subscription receipts and the net proceeds of a
C$195 million concurrent private placement of subscription receipts; (ii)
a C$200 million senior unsecured note of the Fund to be issued to BRPI;
and (iii) the issuance to BRPI of 25,562,500 trust units of the Fund at a
price equal to the weighted average price of the subscription receipts
issued under the offering and the private placement (representing an
aggregate of C$380 million).

The Transaction is subject to regulatory and unitholder approval and is
expected to close in the third quarter of 2009. Further details on the
Transaction, its financing and the strategic repositioning are provided
in the Fund's news release issued on July 6, 2009.

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 approximately
4,100 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 approximately US$80 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.

Contacts:
Brookfield Renewable Power
Zev Korman
Director, Investor Relations & Communications
(416) 359-1955
zkorman@brookfield.com

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