Renewable Energy Ventures (BVI) Ltd. (REV) has filed applications for energy licenses to develop and operate the 48-MW Brodarevo 1 and 2 hydroelectric projects on the Lim River in southwestern Serbia.
REV’s parent firm, Canadian energy company Reservoir Capital Corp., said March 18 that it has built a team of experts in the Serbia power sector and conducted a countrywide review of Serbian hydropower potential through 2007.
The Brodarevo run-of-river sites were selected from among various opportunities because they had been the subject of detailed technical studies under the government’s long-range infrastructure planning in the 1980s.
ï¿½The Brodarevo 1 and 2 energy licenses, once granted, will give the company two years to complete detailed feasibility studies, power purchasing agreements, permitting, and to arrange for project financing to build the power plants,ï¿½ Reservoir Capital said.
Serbia passed an energy law in 2004 that allows private investment in the sector and the free trading of energy nationally and internationally. It also has ratified the Kyoto Protocol on climate change, allowing it to host Clean Development Mechanism projects that can generate and sell carbon emissions reduction certificates.
Reservoir Capital said it is a Serbia-focused company with a mandate to acquire undeveloped natural resource opportunities. It is investing in precious metals exploration and renewable energy.