Government of Canada Invests in Canada’s Largest Wind Energy Project

SAULT STE. MARIE , Ontario, November 8, 2007 – The Honourable Tony Clement, Minister of Health and Minister for the Federal Economic Development Initiative for Northern Ontario, was at the Prince Wind Energy Farm today to announce more than $53 million in funding, over ten years, for the largest wind energy project in Canada. Minister Clement, speaking on behalf of the Honourable Gary Lunn, Minister of Natural Resources, was joined by Mr. Harry Goldgut, Chairman and Co-Chief Executive Officer of Brookfield Power, to make the announcement.

“We need energy to power our economy, and we need clean energy to protect our environment — that’s a priority for our government and the foundation of our practical, balanced approach to climate change,” said Minister Clement. “By investing in projects like this one, we are making sure that clean, renewable power from the wind, the sun and the tides will form an increasingly important part of our energy mix for the future.”

The Prince Wind Energy Farm, situated on 20,000 acres of land northwest of Sault Ste. Marie, qualified for the one cent per kilowatt-hour incentive under the ecoENERGY for Renewable Power initiative. The wind farm’s 126 turbines are capable of generating up to 189 megawatts of clean, renewable power, enough to power nearly 40,000 homes. Over ten years, this ecoENERGY program will provide about $53 million to the wind project and ensure that renewable energy generated at the wind farm can be delivered at competitive prices for Canadian consumers.

"As a global renewable power company based in Ontario, we are proud to be the developers of Canada’s largest wind energy farm. The approximately $400-million project took a little over twelve months to construct and has now been generating clean renewable energy for the past year,” said Mr. Goldgut. “The project’s success is a tribute to the members of the local community, the First Nations community, our employees and construction partners, and the federal, provincial and municipal governments and their agencies.”

Businesses, municipalities, institutions and organizations are eligible to apply for funding under ecoENERGY for Renewable Power, announced by the Government in January 2007. The initiative provides $1.48 billion to increase Canada’s supply of clean electricity from renewable sources such as wind, biomass, low-impact hydro, geothermal, solar photovoltaic and ocean energy. It will encourage the production of up to 4,000 megawatts of new electricity from renewable energy sources — enough electricity to power about one million homes.

The Prince Wind Energy Farm is owned by Brookfield Power, the company that comprises the power generating and marketing operations of Brookfield Asset Management Inc. Brookfield Power has developed and successfully operated hydroelectric power facilities for over 100 years. Brookfield Power’s portfolio comprises more than 3,800 megawatts of capacity and includes more than 155 hydroelectric power generating stations and one pumped storage facility located on 60 river systems, one wind farm, and two thermal plants, principally in northeastern North America and Brazil.

-30-

Media may contact:

Louise Girouard
Director of Communications
Office of the Minister
Natural Resources Canada
Ottawa
613-996-2007

Shelley Moorhead
Director of Communications, Canadian Operations
Gatineau, Quebec
Tel: 819-561-8921
shelley.moorhead@brookfieldpower.com