Subject to customary working capital adjustments, the transaction is estimated to cost around $613m and would be completed in the third quarter of 2014.
Brookfield Renewable said that the transaction will be funded through the available liquidity and capital from the company and its institutional partners.
A portion of the purchase price is expected to be funded with non-recourse, fixed-rate financing.
The Safe Harbor project generates an average of 1,100GWh annually and possesses storage capabilities that support daily operations and dispatch during peaking hours.
According to the Brookfield Renewable, the project is one of the largest conventional hydro power plants in Pennsylvania-New Jersey-Maryland Interconnection (PJM).
Brookfield Renewable president and CEO Richard Legault said, "We are pleased to be acquiring the remaining interest in Safe Harbor."
"This investment is consistent with our strategy of owning and operating high-quality, renewable assets in power markets with attractive long-term fundamentals."
