Reservoir Capital, Global EcoPower Sign MoU to Form JV

Reservoir Capital Corp. and Global EcoPower (GEP) have signed a Memorandum of Understanding to form a joint venture (JV) to advance Reservoir’s Brodarevo Projects in Serbia. The projects are licenses to develop hydroelectric projects with 48 MW capacity in Southwest Serbia. The targeted production of 189 GWh/year of electricity is to be sold at preferential renewable energy tariffs and under long-term power purchasing agreements into the local grid. The JV will also create a new development company to acquire and develop additional projects.

The agreement will allow GEP to earn a 50% interest in Reservoir’s wholly owned subsidiary Renewable Energy Ventures Ltd. by funding all further costs to take the Brodarevo Projects to the stage of bankable feasibility and by arranging debt financing for their construction.

Miljana Vidovic, President and CEO of Reservoir commented: "We are delighted to have GEP as a partner to support our Brodarevo Projects and to work together to jointly build a substantial renewable energy business in Serbia and the region."