Reservoir Capital and Global EcoPopwer plan to set up the JV as a development company to undertake the Brodarevo 1 & 2 projects and also both buy and build other hydro power schemes in Serbia and the Balkans region.
Global EcoPower is a French renewables energy developer, and the JV gives it the potential to acquire an equal equity stake in the Canadian firm’s subsidiary Renewable Energy Ventures by funding the Brodarevo projects to the bankable feasibility stage. The company is also to arrange the necessary debt funding for the projects.
The Brodarevo plants are to be built on the river Lim in south-west Serbia and have combined installed capacity of 48MW. The river already has four run-of-river plants.
The partners aim to develop up to 700MW of renewables capacity in the Balkans region by 2015.
