Renewable Energy Ventures d.o.o., a Serbian unit of Vancouver-based Reservoir Capital Corp. (REO), plans to build several hydro plants in Bosnia-Herzegovina and in Croatia, along with its current projects in Serbia.
The energy developer plans three hydro plants on the Cehotina river in Bosnia-Herzegovina for a combined 17.5 megawatt capacity at an estimated cost of 40 million euros ($59.6 million), Deputy Director Milan Cusic said. The projects in Croatia will involve both hydro and geothermal sources and can be executed along with REV's original, 140 million-euro project for two hydro plants of 58 megawatts on the Lim river in southwestern Serbia.
"The location in Bosnia is excellent, it has great potential" and the planned plants can produce 88 gigawatt hours a year, Cusic said in an interview today in Belgrade. "We are no longer focused only on Serbia."
Plans for Croatia are in an early stage of development, while the Brodarevo 1 and Brodarevo 2 plants in Serbia remain on schedule for completion in 2014 and 2015 respectively, even after recent difficulties in buying land needed for their construction from local owners, Cusic said.
The company has spent 7.5 million euros on exploration and licenses in Serbia and "we're totally within budget," said Development Director Predrag Lukic.
Securing power purchasing agreements for future output is planned for a later stage of the projects, Cusic said, citing expectations that electricity prices will rise.
