Business
Brookfield Renewable Power Fund Reports Record Fourth Quarter Results and Increase in Distribution
Brookfield Renewable Power Fund Reports Record Fourth Quarter Results and Increase in Distribution
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nFeb. 9, 2010 (Canada NewsWire Group) -- GATINEAU, QC, Feb. 9 /CNW Telbec/ -- (BRC.UN) - Brookfield Renewable Power Fund (the \"Fund\") today reported its financial and operating results for the fourth quarter ended December 31, 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.\"Fiscal 2009 was a banner year for the Fund,\" said Richard Legault, President and CEO. \"Our assets and operations performed well, and for the second consecutive year we experienced generation that exceeded long-term average. We repositioned the Fund as Brookfield Asset Management's exclusive vehicle for contracted hydro and wind generation in Canada and acquired substantially all of its Canadian renewable assets in two separate transactions. This significantly increased the Fund's size, diversification, and liquidity, and led to its addition to the S&P/TSX Composite Index prior to year-end.\"Fourth quarter revenues increased to $87.9 million from $39.9 million in the same period last year, while income before non-cash items was $39.3 million as compared to $18.7 million. The Fund's fourth quarter and full year results for 2009 reflect the impact of acquisitions, and the contract amendments which increased the rate the Fund receives for generation at its Lièvre and Mississagi facilities.For the full year, generation was 5,143 GWh, or 60 GWh above the long-term average of 5,083 GWh, adjusted for new assets. Revenues for the full year increased 47% to $288.0 million and income before non-cash items, on a comparable basis, increased 40% to $140.0 million.\"Over the last several years, the Fund has worked successfully to offset the tax impact of the SIFT rules,\" added Mr. Legault. \"We now look forward to resuming our distribution growth, beginning with today's announcement of a four percent increase, or five cents per unit per year. This increase will take effect with our February distribution payable in March 2010. The Fund is in an enviable position, with a world-class operating platform, an attractive and growing renewable power market, and the financial strength to carry out its long-term strategy.\"FINANCIAL AND OPERATING HIGHLIGHTS(1)-------------------------------------------------...