Brookfield Renewable Power Awarded Power Contract for New Wind Power Facility

TORONTO, ONTARIO--(Marketwire - Jan. 23, 2009) - Brookfield Renewable Power Inc. today announced that it has been awarded a 20-year power contract with the Ontario Power Authority for its Gosfield Wind Project located in southwestern Ontario.

Gosfield Wind Limited Partnership, a wholly-owned subsidiary of Brookfield Renewable Power Inc., intends to build, own and operate a 50 megawatt wind power facility in the Town of Kingsville in Essex County, Ontario. Brookfield Renewable Power has received most environmental and municipal approvals for the Gosfield Wind Project. Upon completion, the project is expected to produce enough renewable power for 15,000 homes annually.

This announcement is a result of the Ontario Power Authority's third Request for Proposals (RFP) for new, renewable energy projects.

"Wind power is an integral part of Brookfield Renewable Power's business strategy and we are pleased to have the opportunity to build another renewable energy project in the province of Ontario," said Harry Goldgut, Chairman, Brookfield Renewable Power. "We have been working in this region since 2002, have enjoyed great relationships with local stakeholders, and we look forward to continuing to work with them."

About Brookfield Renewable Power

Brookfield Renewable Power Inc., wholly-owned by Brookfield Asset Management Inc., has more than 100 years of experience as an owner, operator and developer of hydroelectric power facilities. Its total portfolio includes more than 160 generating facilities with approximately 4,000 megawatts of capacity. It also has a significant 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$90 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 "will," "anticipated," "expected," 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, regulatory and financial conditions; the behavior of financial markets, including availability of financing; 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.