In addition, the Canadian developer has announced that technical studies are underway for further projects, and that it is exploring possible joint ventures with state-owned utility Elektro Priveda Srbije (EPS).

Reservoir Capital has hired Belgrade-based consultant Energoprojekt Hydroinzenjering to perform pre-feasibility studies for the Brodarevo 1 and 2 projects, which are to be built on the Lim river in south west Serbia.

The studies will include examining an increase in the combined installed capacity of the plants from 48MW to 75MW or more, possibly 100MW, it said.

Earlier this year the company formed a joint venture in principle with Global EcoPower to develop the project. In February, it was granted licences to develop the projects.

The partners are to establish a development company for the Brodarevo projects and either build or buy other schemes in the region. Reservoir Capital said it is also working to get a power purchase agreement (PPA) with the Governemnt and Ministry of Mines and Energy. The partners plan to have up to 700MW of renewables capacity in the Balkans by 2015.

Global EcoPower is a French renewables energy developer. Through the financial support it gives to the Brodarevo projects, the company has the possibility to buy an equal equity stake in Reservoir Capital’s subsidiary Renewable Energy Ventures.