Brookfield Renewable Power Fund Announces its Acquisition of the 166 MW
Comber Wind Project and Third Quarter Results

GATINEAU, QC, Nov. 9 /CNW Telbec/ - (BRC.UN) - Brookfield Renewable Power Fund (the "Fund") announced today that it has entered into a definitive agreement to acquire the 166 MW Comber Wind project ("Comber") from Brookfield Renewable Power Inc. ("BRPI"). The Fund also reported its financial and operating results for the third quarter ended September 30, 2010.  Additional information on the Fund's strategy and results can be found in its Letter to Unitholders and Supplemental Information available at www.brpfund.com under Investor Relations/Financial Highlights.

"We are excited to announce the addition of Comber to the Fund," said Richard Legault, President and CEO. "Comber is a natural fit within the Fund's portfolio and complements its strategy focused on high-quality, contracted Canadian renewable power assets. This acquisition will bring the Fund's total wind portfolio to more than 400 megawatts by the end of 2011, and will be financially accretive while providing value-added diversification and tax attributes in the process."

"We are also encouraged by recent hydrology trends which have resulted in improved generation levels at the end of the quarter and significant improvement in our reservoir levels which positions us well for the fourth quarter," added Mr. Legault. 

COMBER WIND PROJECT ACQUISITION

The Fund today announced a definitive agreement to acquire the Comber Wind project in southwestern Ontario from BRPI. The project represents an investment of $567 million and the Fund has secured the  financing to complete the transaction.

In considering the acquisition, a special committee of the Board of Trustees, each of whom is independent of BRPI and Brookfield (the "Independent Committee") was formed to review the transaction. The Independent Committee retained PricewaterhouseCoopers LLP as independent and qualified financial advisors, Heenan Blaikie LLP as independent legal advisors, and GL Garrad Hassan as independent engineering advisors, to assist in its evaluation of the transaction. PricewaterhouseCoopers LLP provided a fairness opinion to the Independent Committee that the transaction is fair, from a financial point of view, to the unit holders of the Fund, other than BRPI, which holds a 34% interest in the Fund on a fully exchanged basis. The transaction is subject to customary closing conditions and the receipt of all regulatory approvals.

The project is already under construction and is located in close proximity to the Fund's existing Gosfield Wind Farm. The project is expected to have an installed capacity of 166 megawatts (MW) and annual generation of 537 GWh when it commences operation in late 2011. Comber benefits from a 20-year power purchase agreement with the Ontario Power Authority pursuant to the province's Feed-in Tariff Program.

Siemens will supply 72 2.3 MW turbines for the project while Mortenson Company, an experienced contractor of wind farms and the builder of Gosfield Wind Farm, will lead the construction of balance of plant infrastructure and turbine installation.

Third Quarter Results

As previously indicated on October 4, 2010, the Ontario and Québec regions experienced below-average inflows throughout most of the third quarter. While conditions in the last several weeks of the quarter showed improvement and reservoirs began to recover, total generation of 881 gigawatt hours ("GWh") was well below the long-term average of 1,540 GWh. Generation in the New England and British Columbia regions was in line with their long-term averages and wind generation of 108 GWh was above the long-term average of 102 GWh, reflecting improved wind conditions at Prince Wind Farm. The Gosfield Wind Farm entered commercial operations in mid-September and contributed 5 GWh in the quarter.

Third quarter revenues were $51.4 million as compared to $76.8 million in the prior year, reflecting significantly lower generation partially offset by a higher guaranteed rate for generation from the Fund's Lièvre and Mississagi facilities. Income before non-cash items, issuance costs and contract amendment payment, was $2.7 million as compared with $37.4 million in the prior year. Year to date, revenues increased to $230.0 million from $200.2 million in the first nine months of 2009, and income before non-cash items, issuance costs and contract amendment payment was $83.5 million as compared to $100.7 million for the same period last year.

FINANCIAL AND OPERATING HIGHLIGHTS

Unaudited			Three months ended September 30		Nine months ended September 30
CDN $ millions, except otherwise noted			2010	2009	2010	2009
Revenues			$  51.4	$  76.8	$230.0	$200.2
Income before non-cash items, issuance costs and contract amendment payment			2.7	37.4	83.5	100.7
Distribution			34.1	27.4	101.7	60.9
Per unit ($)
Income before non-cash items, issuance costs and contract amendment payment			0.03	0.36	0.80	0.96
Distribution			0.33	0.31	0.97	0.94
Power generated (GWh)			881	1,381	3,638	3,813
Average price ($/MWh)			58.34	55.61	63.22	52.50

Third quarter distributions to unitholders were $34.1 million or 33 cents per unit as compared to $27.4 million or 31 cents per unit in the same period last year. Distributions increased year-over-year as a result of the additional units issued in connection with 2009 acquisitions and an increase in the Fund's monthly distribution in February 2010.

LIQUIDITY, CAPITAL PROGRAM AND HYDROLOGY AND CREDIT FACILITIES

In light of the hydrological conditions experienced year-to-date, the Fund continues to prudently monitor and manage its capital program and liquidity position to provide continued stability in anticipation of a return to normal conditions. In 2010, the Fund plans to spend $23.0 million on sustaining capital expenditures, a reduction of $3.9 million from prior expectations. Due to the flexibility of the Fund's asset base and long-term capital plan, the Fund is able to defer certain capital projects without compromising operations, safety or the environment. Larger-scale projects have not been affected and are continuing as planned. Major maintenance spending for 2010 has similarly been reduced by $1.8 million to $5.5 million.

BRPI has also increased to $40 million from $25 million the amount available under the Fund's hydrology reserve facility, whose purpose is to provide a temporary source of funds when hydrology is well below expectations. The facility was enhanced to reflect the Fund's growing asset base and higher contract prices and removes annual sub-limits while covering all of the Fund's hydroelectric facilities. During the third quarter the Fund accessed $8.0 million from the facility. The Fund also has hydrology insurance in the amount of $10 million, which is accessible when generation falls below 90% of long-term average. The Fund expects to claim the full amount under the policy in 2010.

The Fund is in the final stages of securing a $250 million revolving credit facility from a syndicate of Canadian banks. The facility will be available for a period of three years, extendable each year for an additional 12 months at the Fund's request, and is intended to be used primarily to fund growth opportunities.

At September 30, 2010, the Fund had cash, short-term investments and a deposit with a related party totalling $21.7 million.  Accordingly, with its cash, enhanced hydrology reserve facility and anticipated credit facility totalling more than $303 million, the Fund's liquidity position remains strong and will support its objectives with respect to growth, capital investment and cash distributions to unitholders. 

CONFERENCE CALL

A conference call for investors and media to review the third quarter results for 2010 will be held on Wednesday, November 10, 2010 at 10:00 a.m. (EST). To participate in the conference call, please dial 647-427-7450 or 1-888-231-8191 toll-free in North America, at 9:50 a.m. (EST). For those unable to participate in the conference call, a taped rebroadcast will also be available through November 12, 2010. To access this rebroadcast, please call 1-800-642-1687 toll-free in North America, and enter the passcode 16674853. The conference call will also be webcast live on the Fund's website at www.brpfund.com, where it will be archived for three months.

Distributions

The schedule below sets out the cash distribution history for the last twelve months:

RECORD DATE	PAYMENT DATE	DISTRIBUTION PER UNIT
September 30, 2010	October 29, 2010	10.833 cents
August 31, 2010	September 30, 2010	10.833 cents
July 31, 2010	August 31, 2010	10.833 cents
June 30, 2010	July 30, 2010	10.833 cents
May 31, 2010	June 30, 2010	10.833 cents
April 30, 2010	May 31, 2010	10.833 cents
March 31, 2010	April 30, 2010	10.833 cents
February 28, 2010	March 31, 2010	10.833 cents
January 31, 2010	February 26, 2010	10.417 cents
December 31, 2009	January 29, 2010	10.417 cents
November 30, 2009	December 31, 2009	10.417 cents
October 31, 2009	November 30, 2009	10.417 cents

QUARTERLY PREFERRED SHARE DIVIDENDS

The Board of Directors of Brookfield Renewable Power Preferred Equity Inc. has declared the quarterly dividend on its Class A Preference Shares, Series 1, payable on January 31, 2011 to shareholders of record as at the close of business on January 15, 2011.

Information on the Fund's monthly distributions and preferred share quarterly dividends can be found on the company's web site under Investor Relations.

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 sustaining capital expenditures, the Comber acquisition and project, future distributions, and the Fund's credit facility, hydrology reserve facility and hydrology insurance. Forward-looking statements can be identified by the use of words such as "will", "plans", "expected", "intend", "continue", and "in the process", 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 the board's discretion to declare dividends, 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; our ability to execute our 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's 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 (www.brpfund.com) is a premier Canadian income fund and one of the largest power income funds in North America with more than 1,700 megawatts of power generating capacity and average annual production exceeding 6,500 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 two wind farms in four distinct geographic regions across North America: Québec, Ontario, British Columbia and New England.

Brookfield Renewable Power Inc., which comprises all of the power operations of Brookfield Asset Management, owns approximately 34% of the Fund's outstanding units on a fully exchanged basis.

The Units are listed for trading on the TSX under the symbol BRC.UN.

%SEDAR: 00013106EF

For further information:

For more information, please visitwww.brpfund.comor contact:

Zev Korman
Director, Investor Relations and Communications
Brookfield Renewable Power Fund
Tel: [phone]
[email protected]