Reservoir Capital Corporation's plans for the development of two hydroelectric projects on the Lim River in southwest Serbia have taken a step forward with news that Energy Permits have been granted for the schemes.
The Ministry of Mining and Energy of the Republic of Serbia has granted the permits for the Brodarevo 1 and Brodarevo 2 hydroelectric projects - with the permits valid for three years and an option to renew for a further year under certain conditions.
"Development of the Brodarevo projects has taken longer than we originally expected, so it is an important step for the Company to have secured these new permits to allow the additional time now needed for project financing and construction," said Miljana Vidovic, President and CEO of Reservoir. "This represents another vote of confidence in Reservoir from the Serbian Government and its support in our efforts to build the first green-field hydroelectric project of over 10MWs in more than 40 years."
Energoprojekt Hidroinzenjering Co. Ltd. completed a Feasibility Study for both projects in 2012, each designed with an average installed flow of 150m3/sec. The Company, through its partners in Italy, is engaged in discussions with a number of Italian and international groups, to secure finance, construction and operating partners to advance the project to completion.