By Renée Francoeur
July 29, 2015 – Hydro Ottawa (under its subsidiary, Energy Ottawa) has acquired 10 run-of-the-river hydroelectric facilities in Ontario and New York state from Fortis Inc., representing approximately 30.9MW of installed operating energy capacity.
“We want to increase renewable generation capacity and provide earnings that benefit our shareholder, the City of Ottawa, in an environmentally responsible way”, said Bryce Conrad, Hydro Ottawa’s president and CEO. “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 newly-acquired Ontario assets are connected to the provincial electricity grid, while the assets in New York State “provide synergies with Hydro Ottawa’s existing generation operations due to their close proximity to Ottawa”, the company said.
The Ontario assets have a combined operating capacity of 8.3MW and are located in Ottawa, Rideau Lakes, two in Kingston, Gananoque and South Crosby.
This acquisition will have no impact on electricity rates for Hydro Ottawa customers, the company stated.
Hydro Ottawa’s existing portfolio includes six run-of-the-river hydroelectric generation plants at Chaudière Falls.