Brookfield Renewable Completes CDN$175 Million Financing for B.C. Hydroelectric Project
HAMILTON, BERMUDA--(Marketwire - Nov. 1, 2012) - Brookfield Renewable Energy Partners ("Brookfield Renewable") (TSX:BEP.UN) today announced that it has completed a CDN$175 million private placement bond financing for its 45 MW Kokish River hydroelectric project in the northern part of Vancouver Island near Port McNeill, British Columbia.
The Kokish River project benefits from a 40-year Electricity Purchase Agreement with BC Hydro and is being developed by Brookfield Renewable and its partners, the Namgis First Nation. The project is under construction and is expected to achieve commercial operation in 2014.
The Senior Bonds bear an interest rate of 4.45% and are fully amortizing over their term of 41 years. The bonds are rated A (low) with a stable trend by DBRS.
"This represents a significant milestone in the development of the Kokish River facility and we appreciate the support of all our bondholders in the long term financing of this high-quality hydropower project," said Sachin Shah, Chief Financial Officer of Brookfield Renewable.
Scotia Capital Inc. acted as sole private placement agent.
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 68 river systems and 10 power markets in the United States, Canada and Brazil, the portfolio generates enough electricity from renewable resources to power two million homes on average each year. With a virtually 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
Note: 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 the anticipated commissioning of the Kokish River hydroelectric project. Forward-looking statements can be identified by the use of words such as "will", "expected", "intend", "continue", "positioned" and "targets", or variations of such words and phrases. Although Brookfield Renewable believes that such forward-looking statements and information are based upon reasonable assumptions and expectations, no assurance is given 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. Except as required by law, Brookfield Renewable does not undertake any 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Brookfield Renewable Energy Partners L.P.
Director, Investor Relations
(416) 363-2856 (FAX)