January 16, 2013 / 3:53 PM / in 5 years

Reservoir Capital wins $58 mln Bosnia hydro project

SARAJEVO, Jan 16 (Reuters) - REV, the Serbian unit of Canada’s Reservoir Capital Corp , has won a 30-year concession to build three 18-megawatt hydro power plants in neighbouring Bosnia at a cost of $58 million, Reservoir Capital said on Wednesday.

The project includes run-of-river plants on the Cehotina river in the southeastern region of the country, close to the border with Montenegro. The future plants will produce 70 gigawatt-hours of electricity annually, the company said in a statement.

The Cehotina project is located close to the company’s flagship project in neighbouring Serbia where it is developing the 60 MW Brodarevo hydro power plant on the Lim River and the up to 20 MW Vranjska Banja geothermal project.

The Canadian company, which is exploring a number of renewable projects in Southeast Europe, had earlier signed a 20-year power sale deal from its future Brodarevo plant with GDF Suez Energia Italia (GSEI) through which it will deliver supplies to Italy.

Bosnia obtains 40 percent of its electricity from hydro power, with the rest coming from coal-fired plants, making the Balkan country one of the few in the region capable of exporting power. Its neighbours rely on imports to cover between 30 and 50 percent of their consumption.

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