The acquisition is part of Hydro Ottawa's strategic plan to pursue growth opportunities that are good for the environment, that provide reliable electricity to its customers and stable long-term returns to its shareholder, the City of Ottawa.
Prior to signing the PSA, extensive due diligence was conducted by Hydro Ottawa and BMO Capital Markets was retained as its exclusive financial advisor for the transaction.
"We already own and operate three other hydroelectric plants at the Chaudière site," said Richard. "This acquisition increases our generating capacity at Chaudière from 17 megawatts to 38 megawatts of clean electricity, enough to power 28,000 homes every year."
The site in the heart of the nation's capital is of major historical significance, and it is one of the largest remaining hydro sites available in Ontario with an expansion opportunity that could see Hydro Ottawa's capacity at the Chaudière site grow to 60 megawatts.
Bryce Conrad, Hydro Ottawa President and CEO, provided an overview of the company's new strategy for 2012 to 2016, focused on growth and maximizing customer value. He discussed a number of projects that are consistent with the new strategy.
"In addition to the acquisition of these hydroelectric facilities, Hydro Ottawa continues work on a 4.5 megawatt landfill gas-to-energy facility at the Laflèche Landfill site in Moose Creek, Ontario, expected to be in service in 2013," said Conrad. "The plant will generate 24,000 megawatt-hours of renewable energy per year - enough to supply 2,500 homes."
Mayor Watson, a Director of the Hydro Ottawa Holding Inc. board added that he is "pleased with Hydro Ottawa's strategic acquisitions which will more than double our clean, green energy production and contribute to the City's sustainable and economic bottom lines."
Hydro Ottawa also announced the launch of a new mobile customer service application. Using a smart phone or tablet computer, customers can now access MyHydroLink to manage their accounts get updates on electricity outages access information on rates contact Hydro Ottawa with questions or tap into its website.