Canadian energy company Reservoir Capital Corp. announced its subsidiary REV d.o.o. received energy licenses to develop and operate the 48-MW Brodarevo 1 and 2 hydroelectric projects on the Lim River in southwestern Serbia.
Reservoir Capital unit Renewable Energy Ventures (BVI) Ltd. filed applications for the licenses early last year. (HNN 3/18/08) Reservoir Capital said it built a team of experts in the Serbia power sector and conducted a countrywide review of Serbian hydropower potential through 2007.
The Canadian company said February 9 it plans to quickly begin environmental studies, additional technical studies, and permitting work. 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. There are four other hydro projects on the Lim.
ï¿½Brodarevo 1 and 2 are the first energy licenses of this type to be issued in Serbia,” Reservoir Capital President Miljana Vidovic said. “We are very pleased to be moving forward with these projects and very grateful for the support and encouragement we’ve received from the Ministry of Mining and Energy and from the Serbian government to build a new renewable energy business in the country.”
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.