Brookfield Renewable Power Fund Reports Strong Results for the Third Quarter of 2009

Recent acquisitions contribute to increase in generation, revenues and income before non-cash items

Letter to unitholders      Unaudited Consolidated Financial Statements      Supplemental Information

GATINEAU, Québec, November 3, 2009 (BRC.UN) – Brookfield Renewable Power Fund (the “Fund”) today reported its financial and operating results for the third quarter ended September 30, 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.

Third quarter revenues increased to $76.8 million from $48.0 million for the same period last year. Income before non-cash items, on a comparable basis to last year, increased by more than 60% to $37.4 million from $23.1 million. The Fund’s third quarter results reflect the addition of 15 new hydroelectric facilities on August 31, 2009, as well as contract amendments which increased the rate the Fund receives for generation at its Lièvre and Mississagi facilities. The rate increase is expected to add significantly to the Fund’s revenues and cash flows in future years. As consideration for the rate increase, the Fund paid $349 million, which was recognized as a one-time expense in the quarter. The acquisition and contract

Generation from hydroelectric facilities for the third quarter of 2009 was a record 1,311 gigawatt hours (GWh) as compared with a long-term average, adjusted for acquired assets, of 1,115 GWh. Hydroelectric generation was strong in the Québec, Ontario and New England regions but below long-term average in British Columbia. Generation from our wind project totaled 70 GWh relative to its expected generation of 97 GWh for the quarter due to softer wind conditions; however quarterly cash flows from wind are unaffected as the Fund is party to a wind levelization agreement which fixes annual generation from Prince Wind at 506 GWh for the next 10 years.

 

FINANCIAL AND OPERATING HIGHLIGHTS
Unaudited CDN $ millions, except otherwise noted		Three months ended September 30		Nine months ended September30
		2009	2008	2009	2008
Revenues		$ 76.5	$ 48.0	$ 200.2	$ 155.8
Income before non-cash items and contract amendment payment		37.4	23.1	100.7	81.4
Contract amendment payment1		(349.0)	–	(349.0)	–
Distribution		27.4	15.1	60.9	45.3
Per unit ($)
	Income before non-cash items and contract amendment payment	0.36	0.48	0.96	1.69
	Distribution	0.31	0.31	0.94	0.94
Power generated (GWh)		1,381	1,110	3,813	3,531
Average price ($/MWh)		56	43	53	44

¹Results for the third quarter include a one-time expense in connection with the rate increase for generation from the Fund’s Lièvre and Mississagi facilities, as part of the recent transaction which closed August 31, 2009. The rate increase is recognized as a contract amendment payment for accounting purposes. As a result, an expense of $349 million has been charged to income in the current quarter, reflecting the portion of the transaction purchase price allocated to the contract amendments.

“We are pleased with our results for the quarter and with the performance of our newly acquired assets,” said Richard Legault, President and CEO of Brookfield Renewable Power Fund. ”The Fund maintains a strong financial position due to its high-quality assets and stable cash flows with an average weighted contract duration of 18 years. We are also excited to have begun construction of our second wind generation project, Gosfield Wind, which we expect to be in commercial operation in late 2010.”

Third quarter distributions to unitholders were $27.4 million or 31 cents per unit as compared to $15.1 million or 31 cents per unit in the third quarter of 2008. Distributions on the exchangeable shares held by Brookfield Renewable Power Inc. were $1.3 million. Total distributions of $28.7 million increased yearover- year as a result of the additional units and the exchangeable shares issued in connection with acquisitions in 2009.

In the third quarter of 2009, the Fund invested $5.1 million in capital expenditures and $2.9 million in major maintenance. In Ontario, work was ongoing on the refurbishment and rewind of the unit at the Aubrey Falls generating station. Spending on this project totaled $0.3 million during the third quarter with an additional $0.5 million expected in 2009. The Fund currently expects to invest a total of $25.1 million in capital expenditures and $8.1 million in major maintenance during 2009, including capital expenditures and major maintenance on newly acquired facilities. Spending on Gosfield Wind in the fourth quarter is expected to be approximately $12 million.

At September 30, 2009, the Fund had a strong liquidity position with cash and short-term investments, net of borrowing on its credit facilities, of $45.6 million, an increase of $41.2 million since year-end 2008. The Fund also has access to almost $50 million of committed credit facilities and hydrology reserve facility. In addition, the Fund has $15 million on deposit with Brookfield Asset Management, which is classified on the balance sheet in accounts receivable and due from related parties.

CONFERENCE CALL
A conference call for investors and media to review the third quarter results for 2009 will be held on Wednesday, November 4, 2009 at 10:00 a.m. (EST). To participate in the conference call, please dial 416- 644-3423 or 1-866-250-4892 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 until midnight on November 6, 2009. To access this rebroadcast, please call 1-877-289-8525 toll-free in North America, and enter the passcode 4169696#. 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, 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
December 31, 2008	January 30, 2009	10.417 cents
November 30, 2008	December 31, 2008	10.417 cents
October 31, 2008	November 28, 2008	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” 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 forwardlooking statements include, but are not limited to the risk that are associated with the 2009 acquisitions; 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. and the Fund; failure by the Fund to discover liabilities associated with, and inability of the Fund to successfully integrate, acquisitions 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

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: Quebec, 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.

For more information, please visit www.brpfund.com or contact:

Zev Korman
Director, Investor Relations and Communications
Tel: (416) 359-1955
zkorman@brookfield.com