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Brookfield
Renewable Power to Establish U.S. Headquarters in
Marlborough, MA
Company to
create 100 new jobs over the next 18 months
Marlborough, Massachusetts,
May 8, 2008 – Brookfield Renewable Power,
a leading private owner-operator of renewable energy
facilities, announced today that the company is establishing
its U.S. operating headquarters in Marlborough, MA. The
company plans to create at least 100 new jobs at the
new headquarters over the next 18 months.
“We’ve chosen to locate our new U.S. headquarters
in Massachusetts because of the broad base of forward-thinking
energy companies and research organizations that are located
here,” said Kim Osmars, Chief Operating Officer of
Brookfield Renewable Power’s U.S. Operations, “We
are going to make significant new investments in hydropower,
wind and other clean technologies and we plan to take advantage
of the expertise and knowledge that is found here to help
us grow.”
“In our conversations with Governor Patrick and his
administration, it became clear that Massachusetts is very
serious about attracting and supporting renewable energy
companies,” said Richard Legault, the company’s
President and Co-Chief Executive Officer. “We are very
optimistic about our future in Massachusetts and are confident
that state government is going to do its part to create a
positive environment in which to do business.”
“I am very pleased that Brookfield Renewable Power
has chosen Massachusetts for its U.S. headquarters,” said
Governor Deval Patrick. “Brookfield has renewable energy
facilities all over North and South America, and I am glad
to see them creating a home base for their U.S. operations
in the clean energy industry we are growing here in Massachusetts.”
Brookfield Renewable Power’s Marlborough office will
house the executives, accounting and finance departments
for the company’s U.S. operations. In addition, it
is the company’s intention to centralize its U.S. systems
control function in Marlborough. Using advanced technologies,
the systems control center would dispatch all of the electricity
from the company’s U.S. power projects. A decision
to build the system control center in Marlborough would result
in a multi-million dollar initial investment.
“Brookfield is a major player in renewable energy internationally
and we are pleased to see them setting up shop in Massachusetts,” said
Energy and Environmental Affairs Secretary Ian Bowles. “With
the commitment Governor Patrick has made to the development
of clean energy, I think they will find Massachusetts a great
place to base their business.”
Neil Le Blanc, Consul General of Canada to New England welcomed
the decision and said, "Brookfield Renewable Power’s
decision to invest in Marlborough will add a valuable and
proven corporate presence that reflects the commitment both
Canada and Massachusetts place on the development and delivery
of clean and renewable energy.”
Brookfield Renewable Power is one of the largest independent
owner-operators of high quality, low cost, renewable, hydroelectric
power facilities, and more recently, wind power, with assets
under management valued in excess of $13 billion in North
America and Brazil. The company has over 100 years of power
generating experience. Over the next five years, Brookfield
Renewable Power anticipates making significant investments
to acquire and build new energy assets.
The U.S. makes up a significant portion of the company’s
4,000-megawatt (MW) project portfolio. Brookfield Renewable
Power entered the U.S. electricity market in 2002 with the
acquisition of seven hydropower projects. Today, the company
owns and operates a total of 101 U.S. hydropower projects
located in nine states. Among these is the Bear Swamp Pumped
Storage facility (recently renamed the Jack Cockwell Pumped
Storage facility), the Commonwealth’s eighth largest
power plant by generation capacity, as well the Fife Brook
hydropower facility.
Brookfield Renewable Power is a subsidiary of Brookfield
Asset Management, a global asset manager focused on property,
power and other infrastructure assets with approximately
$95 billion of assets under management and 10,000 employees
in the Americas, Europe, and Australia. Other Brookfield
companies already have notable investments in Massachusetts,
including Brookfield Properties’ two-million-square-feet
of property at 53 and 75 State Street in downtown Boston
and Hyperion Brookfield Asset Management’s Boston-based
high yield team.
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About Brookfield Renewable Power
Brookfield Renewable Power Inc., wholly-owned by
Brookfield Asset Management Inc., has over 100 years of experience
as an owner, operator and developer of hydroelectric power
facilities. Its portfolio includes more than 160 generating
facilities with over 4,000 megawatts of capacity, of which
95% is sourced from renewable energy. It also has a 6,700
megawatt 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 approximately US$95 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.
Forward Looking Statement
This press release contains forward-looking information within
the meaning of Canadian provincial securities laws and
other “forward-looking statements” within the
meaning of Section 27A of the U.S. Securities Act of 1933,
as amended, Section 21E of the U.S. Securities Exchange
Act of 1934, as amended, “safe harbor” provisions
of the United States Private Securities Litigation Reform
Act of 1995 and in any applicable Canadian securities regulations.
The words “plans,” “will,” “intention,” and
other expressions which are predictions of or indicate
future events, trends or prospects and which do not relate
to historical matters identify forward-looking statements.
Although Brookfield Asset Management believes that its
prospects with respect to growth, future investment and
the acquisition and building of new energy assets are based
upon reasonable assumptions and expectations, the reader
should not place undue reliance on these or other forward-looking
statements and information because they involve known and
unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of
the company 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: economic, political and financial conditions; the
behavior of financial markets, including availability of
financing; the ability of the Company to effectively integrate
and centralize certain business functions within its U.S.
headquarters; and the ability to successfully complete development
projects and manage related costs.
We caution that the foregoing list of important factors
that may affect future results is not exhaustive. When relying
on forward-looking statements, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. The company 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.
Contact
Julie Smith-Galvin
Brookfield Renewable Power
Director, Communications, U.S. Operations
508-251-7708
julie.smithgalvin@brookfieldpower.com
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