The feasibility study defined dam sites and provided recommendations for the design of the hydroelectric power plants. Total capital cost of the project is estimated to be EUR145.83M, including EUR34.08Mrelated to the construction of 7.31km of new road and tunnels on the M21 highway between Prijepolje and Bijelo Polje, where it will be affected by the project.

Reservoir anticipates 30% of the project capital will be financed by equity and intends to obtain debt from a syndicate of lenders for the remaining 70%. For the purposes of the feasibility study, the Company has assumed, based on preliminary discussions with potential lenders, that the debt will have a 15-year term from initial drawdown and be subject to an annual interest rate of 6.5%.