The licences are for the development of Brodarevo-1 and Brodarevo-2, which are run-of-river projects with combined installed capacity of 48MW.
The projects will be built on the river Lim, where there are already four existing plants. The company said that the licences are the first of their kind in Serbia.
In the coming months the company plans to undertake environmental studies and technical investigations and begin the permit applications process.
Almost a third of the Serbia's electricity is generated from hydro power.
