Brookfield Renewable Power Fund Reports Record Fourth Quarter Results and
Increase in Distribution

    
       Year of growth and transformation positions Fund for continued
                              long-term success
        Monthly distribution increases 4% to 10.83 cents per unit, or
                               $1.30 annually
    

GATINEAU, QC, Feb. 9 /CNW Telbec/ - (BRC.UN) - Brookfield Renewable Power Fund (the "Fund") today reported its financial and operating results for the fourth quarter ended December 31, 2009 . The Fund provides additional information on its strategy and results in its Letter to Unitholders and Supplemental Information available at www.brpfund.com under Investor Relations/Financial Highlights.

"Fiscal 2009 was a banner year for the Fund," said Richard Legault , President and CEO. "Our assets and operations performed well, and for the second consecutive year we experienced generation that exceeded long-term average. We repositioned the Fund as Brookfield Asset Management's exclusive vehicle for contracted hydro and wind generation in Canada and acquired substantially all of its Canadian renewable assets in two separate transactions. This significantly increased the Fund's size, diversification, and liquidity, and led to its addition to the S&P/TSX Composite Index prior to year-end."

Fourth quarter revenues increased to $87.9 million from $39.9 million in the same period last year, while income before non-cash items was $39.3 million as compared to $18.7 million . The Fund's fourth quarter and full year results for 2009 reflect the impact of acquisitions, and the contract amendments which increased the rate the Fund receives for generation at its Lièvre and Mississagi facilities.

For the full year, generation was 5,143 GWh, or 60 GWh above the long-term average of 5,083 GWh, adjusted for new assets. Revenues for the full year increased 47% to $288.0 million and income before non-cash items, on a comparable basis, increased 40% to $140.0 million .

"Over the last several years, the Fund has worked successfully to offset the tax impact of the SIFT rules," added Mr. Legault . "We now look forward to resuming our distribution growth, beginning with today's announcement of a four percent increase, or five cents per unit per year. This increase will take effect with our February distribution payable in March 2010 . The Fund is in an enviable position, with a world-class operating platform, an attractive and growing renewable power market, and the financial strength to carry out its long-term strategy."

    
    FINANCIAL AND OPERATING HIGHLIGHTS(1)
    -------------------------------------------------------------------------
    Unaudited                               3 months ended   12 months ended
                                               December 31       December 31
    CDN $ millions, except otherwise noted   2009     2008     2009     2008
    -------------------------------------------------------------------------
    Revenues                              $  87.9  $  39.9  $ 288.0  $ 195.7
    Income before non-cash items and
     contract amendment payment              39.3     18.7    140.0    100.1
    Distributions to Unitholders             32.8     15.0     93.6     60.3
    Per unit ($)
    Income before non-cash items and
     contract amendment payment
     (weighted average basis)                0.38     0.39     1.98     2.07
    Distributions to Unitholders             0.31     0.31     1.25     1.25
    Power generated (GWh)                   1,330      905    5,143    4,436
    Average price ($/MWh)                      66       44       56       44
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    1. Results for the fourth quarter and current year include assets
       acquired in 2009 and a one-time contract amendment payment in
       connection with a rate increase for generation from the Fund's Lièvre
       and Mississagi facilities, which was recognized in the third quarter
       of 2009.
    

Fourth quarter distributions to unitholders were $32.8 million or 31 cents per unit as compared to $15.0 million or 31 cents per unit in the fourth quarter of 2008. Distributions on the exchangeable shares held by Brookfield Renewable Power Inc. were $1.3 million . Total distributions of $34.1 million increased year-over-year as a result of the additional units and the exchangeable shares issued in connection with acquisitions in 2009.

In the fourth quarter of 2009, the Fund invested $6.7 million in capital expenditures and $2.4 million in major maintenance. The Fund currently expects to invest a total of $25.2 million in capital expenditures and $8.3 million in major maintenance during 2010.

At December 31, 2009 , the Fund had a strong liquidity position with cash and short-term investments of $33.5 million , an increase of $29.1 million from the 2008 year-end balance. The Fund also has access to almost $50 million of committed credit facilities and hydrology reserve facility.

CONFERENCE CALL

A conference call for investors and media to review the fourth quarter results for 2009 will be held on Wednesday, February 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 February 12, 2010 . To access this rebroadcast, please call 1-800-642-1687 toll-free in North America , and enter the passcode 50066638. 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
    -------------------------------------------------------------------------
    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
    September 30, 2009       October 30, 2009        10.417 cents
    August 31, 2009          September 30, 2009      10.417 cents
    July 31, 2009            August 31, 2009         10.417 cents
    June 30, 2009            July 31, 2009           10.417 cents
    May 31, 2009             June 30, 2009           10.417 cents
    April 30, 2009           May 29, 2009            10.417 cents
    March 31, 2009           April 30, 2009          10.417 cents
    February 28, 2009        March 31, 2009          10.417 cents
    January 31, 2009         February 27, 2009       10.417 cents
    

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 press release include statements regarding expected revenues and cash flows, expected investing and expenses, the 2009 acquisitions and their impact on the business, operations and financial condition of the Fund. Forward-looking statements can be identified by the use of words such as "will", "continued", "positions", "expected", "look forward", "have positioned" 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; 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 20, 2009 under the heading "Risk Factors" and Management Discussion and Analysis of Financial Results for the fiscal year ended December 31, 2008 under the headings "Business Environment" and "Risk Factors". 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 1,600 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: Québec, 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 Units are listed for trading on the TSX under the symbol BRC.UN.

%SEDAR: 00013106EF

For further information: please visit www.brpfund.com or contact: Zev Korman, Director, Investor Relations and Communications, Brookfield Renewable Power Fund, [phone], [email protected]