The acquisition is part of the company’s 2012-2016 strategy to strengthen its clean energy supply to customers and pursue opportunities with potential for long-term returns.
Hydro Ottawa president and CEO Bryce Conrad said: "We want to increase renewable generation capacity and provide earnings that benefit our shareholder, the City of Ottawa, in an environmentally responsible way.
"After significant due diligence, risk evaluation, and a thorough technical assessment of all assets, we concluded that this was an excellent business opportunity that wisely builds upon our existing generation assets portfolio."
The acquired assets in Ontario are connected to the provincial electricity grid whereas the assets in New York provide synergies with existing generation operations of Hydro Ottawa.
Last year, the company signed a 40-year contract with the Ontario Power Authority to expand its Chaudière Falls hydro complex with a 29MW plant.
Hydro Ottawa currently operates six run-of-the-river hydroelectric generation plants at Chaudière Falls, and has majority stake in the Trail Road and the Laflèche landfill sites in Ottawa and Moose Creek, Ontario, respectively.
