Canada’s Reservoir withdraws from Serbian hydropower project
, NewsCanadian renewable energy company Reservoir Capital said it plans to withdraw from a project for the construction of two hydropower plants in Brodarevo, in southern Serbia.
The decision is in line with the strategy of Reservoir to shift from long lead-time and risky greenfield project development to clean power investments in good operating condition, in order to enhance shareholder returns over the long term, the Canadian company said in a statement on Thursday.
Renewable Energy Ventures Belgrade, the Serbian subsidiary of Reservoir, has filed a voluntary petition under the Serbian Bankruptcy Code in the Serbian Bankruptcy Court in Belgrade, respecting the winding up of its operations and liquidation of its assets, the Canadian company said.
“Reservoir has chosen to set aside its project aspirations in Serbia, which included the Brodarevo hydro project, with this filing,” the CEO of the company, Lewis Reford, said in the statement.
The Canadian company started in 2010 a project for the construction of two hydropower plants in Brodarevo, on river Lim, with a total capacity of 59.1 MW. Each plant was designed with an average installed flow of 150 cubic metres per second.
Since mid-2014, Reservoir has been seeking a partner to support the on-going development and the construction of the Brodarevo project.
Source: renewablesnow
LATEST NEWS
- June 14, 2023 The Serbian Institute for Critical Materials launches a regional mining platform for knowledge exchange
- August 13, 2023 Environment South East Europe Watch temporarily suspends the activity
- August 9, 2023 Regional Coalition Aims to Protect Up to 400 Kilometres of Rivers Across Southeast Europe
- August 9, 2023 Meeting Serbia’s Energy Needs: A Smart Siting Map for Solar Power
