Reservoir Capital Corp., is pleased to report that the Ministry of Infrastructure and Energy of the Republic of Serbia, has granted the Location Permit for the Company's 33.1 Megawatt Brodarevo 2 hydroelectric project on the Lim River in southwest Serbia.
The permit is valid for one year and allows the Company to undertake preparatory work on the project, encompassing the temporary passage over the river, site access roads and river diversion.
Miljana Vidovic, President and CEO of Reservoir commented: "The Location Permit for Brodarevo 2 is very important, as it allows for construction work to begin as we await the building permit for the dam and power plant. This is a vote of confidence in Reservoir from the Serbian Government to build the first green-field Hydro Project over 10 MW's in over 40 years."
Energoprojekt Hidroinzenjering Co. Ltd. ("Energoprojekt") completed a Feasibility Study for both the Brodarevo 1 & 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.