Mar 26 2015
Reservoir Capital Corp., ("Reservoir" or the "Company") is pleased to report that the Ministry of Mining and Energy of the Republic of Serbia, has granted new Energy Permits for the Company's Brodarevo 1 and Brodarevo 2 hydroelectric projects on the Lim River in southwest Serbia. The permits are valid for a period of three years and may be renewed for an additional year under certain circumstances.
Miljana Vidovic, President and CEO of Reservoir commented: "Development of the Brodarevo projects has taken longer than we originally expected, so it is an important step for the Company to have secured these new permits to allow the additional time now needed for project financing and construction. This represents another vote of confidence in Reservoir from the Serbian Government and its support in our efforts to build the first green-field hydroelectric project of over 10 MW's in more than 40 years."
Energoprojekt Hidroinzenjering Co. Ltd. ("Energoprojekt") completed a Feasibility Study for both the Brodarevo 1 and Brodarevo 2 projects in 2012, each designed with an average installed flow of 150 cubic metres per second (please see the June 19th, 2012 News Release "Feasibility Study Completed for the Brodarevo 1&2 Hydroelectric Projects in Serbia" for economic details of the project). The Company, through its partners in Italy, is engaged in discussions with a number of Italian and international groups, to secure finance, construction and operating partners to advance the project to completion.
About Reservoir
Reservoir is a renewable energy company engaged in the development of a 59.1 MW hydroelectric project at Brodarevo on the River Lim, the Vranjska Banja geothermal project, both in southern Serbia. The recently completed agreements with Saxa Gres also provide an important new growth business for the Company in the well-regulated Italian market. Reservoir's common shares trade on the TSX Venture Exchange (symbol "REO") and on the Frankfurt and Berlin Exchanges (symbol "ROC").
Source: http://www.reservoircapitalcorp.com/