HAMILTON, BERMUDA -- (Marketwire) -- 03/30/12 -- Brookfield Renewable Energy Partners L.P. (TSX: BEP.UN) ('Brookfield Renewable') announced today that its 102 megawatt (MW) wind farm in Tehachapi, California, has achieved commercial operation. Brookfield Renewable and its institutional partners increased their 50% interest in the project to 100% in January 2012, and now own 274 MW of operating wind generating capacity in the Tehachapi region, which benefits from an attractive wind resource and its proximity to the demand center of Los Angeles.
'This project was in its early stages of development when we first became involved,' said Richard Legault, Chief Executive Officer of Brookfield Renewable. 'We were able to quickly bring our expertise to bear, and in the span of approximately one year, secured a long-term power purchase agreement, an interconnection agreement and project financing, as well as the completion of all other engineering and commercial requirements which enabled construction to begin. This project demonstrates our ability to deploy both capital and operating expertise and to work together with our stakeholders to build significant value.'
'We are pleased to add to our operating footprint in California and grateful to all those who played a part in the development of this project and bringing it to completion on time, scope and on budget,' added Mr. Legault.
All power produced from the project will be sold under a 20-year power purchase agreement with a large, local utility. The wind farm is expected to produce enough clean, renewable power annually to power more than 26,000 U.S. homes on average.
Brookfield Renewable Energy Partners (TSX: BEP.UN) operates one of the largest publicly-traded, pure-play renewable power platforms globally. Its portfolio is primarily hydroelectric and totals approximately 5,000 megawatts of installed capacity. Diversified across 67 river systems and 10 power markets in Canada, the United States and Brazil, the portfolio generates enough electricity from renewable resources to power two million homes on average each year. With a fully-contracted portfolio of high-quality assets and strong growth prospects, the business is positioned to generate stable, long-term cash flows supporting regular and growing cash distributions to unitholders. For more information, please visit www.brookfieldrenewable.com.
Cautionary Statement Regarding 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 Brookfield Renewable's capabilities, growth prospects and cash flows, the attractiveness of the Tehachapi region and the expected performance of the California wind project. Forward-looking statements can be identified by the use of words such as 'will', expected', 'intend', 'continue', and targets, or variations of such words and phrases. Although Brookfield Renewable 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, they 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 Renewable to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.