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Growth Initiatives

During the fourth quarter, we announced an agreement to acquire, with our institutional partners, a 351 MW portfolio of 19 hydroelectric generating stations in the northeastern United States for a total enterprise value of $760 million. We will own an approximate 50% interest, and will manage and integrate these assets into our North American operating platform. The transaction is expected to close in the first quarter of 2013. We also completed the previously announced acquisition of a 378 MW hydroelectric generating portfolio consisting of four generating stations located in Tennessee and North Carolina. On a combined basis these portfolios are expected to add 3 million MWh of generation annually.

In Brazil, we completed the construction of a 19 MW hydroelectric project facility which was commissioned during the quarter. Our 29 MW hydroelectric project is progressing on scope, and remains scheduled for completion in early 2013. The 45 MW Kokish River hydroelectric project in British Columbia, remains on scope, schedule and budget for its planned completion in mid-2014.

Financial Position and Liquidity

Total liquidity as at the date of this release is approximately $850 million, consisting of cash and cash equivalents and undrawn amounts from our revolving credit facilities. Liquidity increased from September 30, 2012 due to preferred share issuances completed in October 2012 and January 2013 totaling C$425 million.

During the fourth quarter, we also completed a C$175 million project financing for the Kokish River hydroelectric project.

Distribution Declaration

As previously announced, the Board of Directors has declared a quarterly distribution in the amount of US$0.3625 per unit, payable on April 30, 2013 to unitholders of record as at the close of business on March 31, 2013. This distribution represents an increase from prior levels to $1.45 on an annualized basis and is consistent with our distribution target in the range of 60-70% of FFO and target growth in the distribution of 3% to 5% annually.

The regular quarterly dividends on the preferred shares issued by Brookfield Renewable Power Preferred Equity Inc. have also been declared.

Information on Brookfield Renewable's distributions and preferred share dividends can be found on its website at www.brookfieldrenewable.com under Investor Relations.

Distribution Reinvestment Plan

Brookfield Renewable maintains a Distribution Reinvestment Plan ("DRIP") which allows holders of its limited partnership units who are resident in Canada to acquire additional units by reinvesting all or a portion of their cash distributions without paying commissions. Information on the DRIP, including details on how to enroll, is available on Brookfield Renewable's website at www.brookfieldrenewable.com/DRIP.

Additional Information

The Letter to Shareholders and the Supplemental Results for the period ended December 31, 2012 contain further information on Brookfield Renewable's strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available at www.brookfieldrenewable.com.

Brookfield Renewable Energy Partners (TSX: BEP.UN) operates one of the largest publicly-traded, pure-play renewable power platforms globally. Its portfolio is primarily hydroelectric and totals approximately 5,300 megawatts of installed capacity. Diversified across 69 river systems and 11 power markets in the United States, Canada and Brazil, the portfolio generates enough electricity from renewable resources to power more than two million homes on average each year. With a predominantly contracted portfolio of high-quality assets and strong growth prospects, the business is positioned to generate stable, long-term cash flows supporting regular and growing cash distributions to shareholders. For more information, please visit www.brookfieldrenewable.com.