Electricity

Canadian company abandoned Brodarevo hydro project in Serbia

Photo: Pixabay

Published

January 25, 2018

Country

Comments

comments icon

0

Share

Published:

January 25, 2018

Country:

Comments:

comments icon

0

Share

Canada-based Reservoir Capital have decided to abandon Brodarevo hydro project which included two hydropower plants (HPPs) Brodarevo 1 and Brodarevo 2 on Lim river in Southwest Serbia, with installed capacity of 59 MW.

The decision comes after a decade-long development of the EUR 150 million project.

Reservoir Capital announced that its wholly owned Serbian subsidiary, Renewable Energy Ventures (REV) d.o.o. Belgrade has filed a voluntary petition under the Serbian Bankruptcy Code in the Serbian Bankruptcy Court in Belgrade, respecting the winding up of REV doo’s operations and liquidation of its assets.

According to a company statement, the relief is being sought to permit Reservoir to move forward with plans to focus on hydropower investment opportunities in frontier regions.

“Reservoir has chosen to set aside its project aspirations in Serbia, which included the Brodarevo hydro project, with this filing. Our plan is to shift from long lead-time and risky greenfield project development to clean power investments in good operating condition is intended to enhance shareholder returns over the long term,” CEO of Reservoir Lewis Reford said in a statement.

The Canada-based company has started development of Brodarevo hydro project in 2008. Almost all the time during this period company was under fire from local activists and NGOs which have been opposing the project due to environmental risks.

In July last year, the Serbian Administrative Court has annulled a decision concerning the preparation of the environmental impact study for future HPPs on the River Lim. Montenegrin Government has raised an issue of cross-border impacts.

Reservoir Capital has been granted Brodarevo 1 and Brodarevo 2 energy licenses and location permits to develop power plants on the River Lim near the cities Brodarevo and Prijepolje. These licenses are a vital part of the procedure to build power plants.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

heatwave power exchange prices see europe serbia

What is behind electricity price spike in SEE: grid issues, and something more

13 July 2024 - Record high temperatures aren't the main cause of the record price increase on power exchanges, ranging from 50% to 170%

IRENA La Camera renewables must grow higher speed scale

IRENA’s La Camera: Renewables must grow at higher speed, scale

12 July 2024 - IRENA's Director-General Francesco La Camera warned of ongoing patterns of concentration in geography in renewables deployment as well as against complacency

serbia nuclear energy memorandum government institutes faculties vucevic djedovic

Serbian government forges nuclear energy alliance with 20 scientific institutions, firms

10 July 2024 - The memorandum is aimed at gathering experts from Serbia and abroad to examine the possibility of the use of nuclear energy

Albania declares eight winners at 300 MW solar power auction

Albania declares eight winners at 300 MW solar power auction

10 July 2024 - The lowest bid at Albania's solar power auction came in at EUR 39.7 per MWh, against a starting level of EUR 59.97 per MWh