Reservoir Advances Permitting for its Brodarevo Hydroelectric Projects in Serbia, Investors
Reservoir Capital Corp. is pleased to report continued progress on the construction permitting for its Brodarevo Hydroelectric Projects (“HPP”). The Company has been engaged in recent months in the updating of documentation for the Brodarevo HPP to comply with changes to Serbia’s planning and construction laws introduced earlier in the year. In recent weeks, the Company has secured positive opinions regarding the issue of building permits from a number of key State-controlled institutions, including the following key documents:
Positive opinion on the Project for the construction of the phase 1 for HPP Brodarevo 2, by the State Audit Committee (comprising 10 eminent experts with relevant construction experience).
Positive technical review of the Project for the construction of the phase 1 for HPP Brodarevo 2, by the Faculty of Civil Engineering, of the University of Belgrade, which holds a state license to exercise audit technical documentation in the field of construction. Six Professors from different areas of expertise in construction undertook the review.
Decision by the Institute for Nature Conservation of Serbia, allowing the construction of two road tunnels and the relocation of the main M-21 highway.
Miljana Vidovic, President and CEO of the Company commented: “We are pleased with our continued progress and are delighted with the support of the Serbian State. We look forward to concluding the permitting stage of the project and are happy to be close to being able to start construction”.
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. Agreements completed with Saxa Gres for the development of new recycling and waste-to-energy businesses near Rome 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.