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Non-Tech : Brookfield Asset Management

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From: JakeStraw	7/12/2007 8:34:50 AM
	of 75

Brookfield Asset Management to Acquire Portfolio of Hydroelectric Generating Assets and Development Projects in Brazil biz.yahoo.com Thursday July 12, 8:22 am ET TORONTO, ONTARIO--(MARKET WIRE)--Jul 12, 2007 -- Brookfield Asset Management Inc. (Toronto:BAM.TO)(NYSE:BAM) announced today that it has agreed to acquire, through its Brazil-based subsidiary, Brascan Energetica S.A. (BESA), a portfolio of hydroelectric generating facilities and greenfield hydro development opportunities located in Southeast Minas Gerais from Energisa S.A. (Energisa) for R$292.9 million (US$150 million). The portfolio consists of 11 operating hydroelectric stations with a combined generating capacity of 45 megawatts (MW) and a 188 MW pipeline of greenfield hydro projects. With this acquisition, BESA's installed capacity in Brazil of renewable hydro will increase from 248 MW to 293 MW and its development pipeline to almost 700 MW. All the power produced by the operating plants is sold under long-term power purchase agreements. "These high-quality generating facilities represent an excellent opportunity to enhance our position as a leading hydroelectric power producer in Brazil," commented Richard Legault, Managing Partner of Brookfield Asset Management and COO of Brookfield Power. "These assets complement our existing portfolio of operating assets and provide a valuable pipeline of greenfield hydroelectric projects that will enable us to expand our geographic footprint in the growing Brazil market."

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