Toronto, ONTARIO, May 13, 2010
- Brookfield Renewable Power and its partners, the James Smith Cree Nation, Peter Chapman Cree Nation, the Chakastapaysin Band of the Cree and Peter Kiewit Sons Co., announced today that an agreement has been reached with SaskPower to launch the feasibility stage of the Pehonan Hydroelectric Project, located on the Saskatchewan River.
The feasibility stage will determine the project’s economic viability from a technical and environmental perspective. This stage could take up to four years, including completing the environmental assessments and, if successful, would enable the project to proceed to the development and construction stage. Should the project proceed to the construction stage, a partnership between Kiewit and the three First Nations will engineer, procure and construct the project.
Development of the project would increase Saskatchewan’s installed renewable generation capacity by approximately 250 megawatts with proven clean technology. In addition, it will enable our First Nations partners to be involved in the development and ownership of a long life power asset providing a sustainable benefit stream for future generations.
“We have dedicated considerable time and effort over the past several years working with our partners, as well as the Saskatchewan Government and SaskPower, to establish the partnership and conduct pre-feasibility work. We are pleased to be in a position to launch the feasibility stage,” said Richard Legault, President and CEO of Brookfield Renewable Power. ”We look forward to working with our First Nations partners, Kiewit, the Province, SaskPower, and the community through this next stage.”
More information and updates can be found at the project’s new website: www.pehonanhydroelectric.com
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About Brookfield Renewable Power
Brookfield Renewable Power Inc., wholly-owned by Brookfield Asset Management Inc., has more than 100 years of experience as an owner, operator and developer of hydroelectric power facilities. Its total portfolio includes more than 165 generating facilities with approximately 4,200 megawatts of capacity. It also has a significant hydroelectric and wind project pipeline. Brookfield Renewable Power’s operations are primarily located in North America and Brazil. Brookfield Asset Management Inc., focused on property, power and infrastructure assets, has over US$100 billion of assets under management and is listed on the New York and Toronto Stock Exchanges under the symbols BAM and BAM.A, respectively, and on Euronext Amsterdam under the symbol BAMA. For more information, please visit Brookfield Renewable Power’s website at www.brookfieldpower.com and Brookfield Asset Management’s website at www.brookfield.com.
About Peter Kiewit Sons Co.
Peter Kiewit Sons Co. is a subsidiary of Kiewit Corporation, one of North America’s largest and most respected construction and engineering organizations. With its roots dating back to 1884, the employee-owned company operates through a network of offices in the United States, Canada and abroad. Kiewit offers construction and engineering services in a variety of sectors including transportation, buildings, water and power, underground facilities, telecommunications, industrial, oil and gas facilities, mining and offshore facilities. With 2009 revenues of nearly $10 billion (US), Kiewit’s workforce includes approximately 10,000 salaried and hourly staff along with more than 15,900 craft workers.
Cautionary Note on Forward-looking Information
Certain information regarding Brookfield Renewable Power contained herein may constitute forward-looking statements. 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 the economic viability, potential generation capacity and potential development of the Pehonan Hydroelectric Project, including potential timing, process, and partnership and construction arrangements. Although Brookfield Renewable Power believes that its 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 Brookfield Renewable Power 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 project development risks, and other risks and factors detailed from time to time in Brookfield Renewable Power’s Annual Information Form filed with the securities regulators in Canada under the heading “Risk Factors”. We caution that the foregoing list of important factors that may affect future results is not exhaustive. Except as required by law, Brookfield Renewable 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.
For more information, please visit www.pehonanhydroelectric.com or contact:
Brookfield Renewable Power Inc.
Tel: (819) 561-2722 ext. 6965
Toll Free: 1-888-327-2722
Director, Investor Relations and Communications
Brookfield Renewable Power Inc.
Tel: (416) 359-1955