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Brookfield Renewable Announces 2011 Year-End Results

Monday, February 13, 2012 9:10 AM


HAMILTON, BERMUDA -- (Marketwire) -- 02/13/12 -- Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN)

Investors, analysts and other interested parties can access Brookfield      
Renewable's 2011 fourth quarter results as well as the Letter to Unitholders
and Supplemental Information on the web site under the Investor Relations   
section at http://www.brookfieldrenewable.com/.                             
The 2011 fourth quarter results conference call can be accessed via webcast 
on February 13, 2012 at 9:00 a.m. ET at http://www.brookfieldrenewable.com/ 
or via teleconference at 1-800-319-4610 toll free in North America. For     
overseas calls please dial 1-604-638-5340, at approximately 8:50 a.m. ET.   
The teleconference taped rebroadcast can be accessed at 1-800-319-6413      
(password: 1557#) until midnight on March 13, 2012.                         

All amounts in U.S. dollars unless stated otherwise

Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN) ("Brookfield Renewable") today announced its pro forma results for the year ended December 31, 2011.

Brookfield Renewable was launched on November 28, 2011 from the combination of Brookfield Renewable Power Fund and the renewable power assets of Brookfield Renewable Power Inc. Unless otherwise indicated, results are shown on a pro forma basis, as if the combination had occurred as of January 1, 2010.

Pro forma Financial Results(1)

US$ millions (except per unit            Results under         Results under
 amounts), unaudited                 actual generation        LTA generation
For the years ended December 31        2011       2010       2011       2010
Generation (GWh)                     15,877     14,480     16,297     15,887
Revenue(2)                       $    1,332 $    1,187 $    1,392 $    1,287
EBITDA                           $      926 $      853 $      986 $      953
FFO                              $      419 $      350 $      481 $      450
FFO per unit                     $     1.60 $     1.33 $     1.83 $     1.71
(1)  Pro forma results assume that Brookfield Renewable was in existence for
     entire fiscal years of 2011 and 2010.                                  
(2)  Includes share of cash earnings from equity-accounted investments.     

"Since launching Brookfield Renewable near the end of 2011, we have continued to strengthen our position as the leading publicly-traded, pure-play renewable power business," said Richard Legault, Chief Executive Officer. "In the two months since closing the transaction, we have commissioned several new facilities, acquired attractive new assets, increased our quarterly distribution, and continued to enhance our financial and capital markets position. We look forward to 2012 and the opportunities that lie ahead."

For 2011, Brookfield Renewable generated pro forma funds from operations ("FFO") which totalled $419 million ($1.60 per unit) as compared to $350 million ($1.33 per unit) in 2010. The increase in FFO was largely attributable to improved hydrology relative to the prior year, as well as the contribution from new generation assets.

Review of Operations

Total generation in 2011 was 15,877 GWh or 10% higher than 14,480 GWh in the prior year, although still 3% lower than the long-term average of 16,297 GWh. The improvement in 2011 reflected stronger hydrology conditions in eastern Canada and the northeastern United States. While hydrology returned to more normalized levels it was still modestly below the long-term average due to below-average inflows in eastern Canada. Helping to offset these conditions were record-breaking inflows for our facilities in the northeastern United States. Energy sales in Brazil were in line with planned levels. Generation from wind facilities also contributed to the increase due primarily to the full year inclusion of an Ontario wind facility commissioned in September 2010.

The tables below summarize generation by segment and region(1):             
                                                              Variance of   
                                          Generation            Results     
                                                              2011    2011  
For the years ended December 31     Actual   Actual     LTA    vs.     vs.


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