Brookfield
Power and Emera Complete Joint Financing
GATINEAU, May 4, 2007 – Brookfield
Power Inc. and Emera Inc. today announced the completion
of a senior secured non-revolving credit facility in the
amount of US$125 million for their joint venture, Bear Swamp
Power Company LLC ("Bear Swamp").
The joint venture operates a 600 MW pumped storage generating
facility and 10 MW run of river facility located in Northern
Massachusetts. Bear Swamp recently entered into a contract
with Long Island Power Authority for the sale of energy,
capacity and environmental attributes over a period of fifteen
years.
The five-year credit facility bears interest at a LIBOR-based
facility rate, secured by the assets of Bear Swamp and is
due in May 2012. Proceeds of the financing will be distributed
equally to the two joint venture partners.
The financing was provided by a syndicate of lenders led
by The Bank of Nova Scotia, acting as administrative agent
and the Canadian Imperial Bank of Commerce, acting as syndication
agent. The Bank of Nova Scotia and the Canadian Imperial
Bank of Commerce were co-lead arrangers.
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About Brookfield Power
Brookfield Power comprises the power generating, transmission,
distribution and marketing operations of Brookfield Asset
Management Inc. Brookfield Power has developed and successfully
operated hydroelectric power facilities for almost 100
years. Brookfield Power’s portfolio of assets owned
or under management comprise almost 3,800 megawatts of
capacity and include 140 hydroelectric power generating
stations and 1 pumped storage facility located on 50 river
systems, 1 wind farm and 2 thermal plants. (See www.brookfieldpower.com
for more details). Brookfield Asset Management Inc., focused
on property, power and infrastructure assets, has over
US$70 billion of assets under management and is co-listed
on the New York and Toronto Stock Exchanges under the symbol
BAM. (See www.brookfield.com for more details).
About Emera
Emera Inc. (EMA-TSX) is an energy and services company with
$4.0 billion in assets. Electricity is Emera's core business.
The company has two wholly-owned regulated electric utility
subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric
Company, which together serve 590,000 customers. Emera
also owns 19% of St. Lucia Electricity Services Limited,
which serves more than 50,000 customers on the Caribbean
island of St. Lucia. In addition to its electric utility
investments, Emera has a joint venture interest in Bear
Swamp, a 600 megawatt pumped storage hydro-electric facility
in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast
Pipeline ; and Emera Energy Services, which manages energy
assets on behalf of third parties and provides related
services. Visit Emera on the web at www.emera.com.
Brookfield Power
Grace Pollock
Director, Corporate Communications & Investor Relations
Tel: (819) 561-8072
Email: grace.pollock@brookfieldpower.com
Emera Inc.
Judy Steele, FCA
Director, Investor and External Relations
Tel: (902) 428-6999
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