Global EcoPower, a French builder of power stations and a green electricity producer and Reservoir Capital Corporation, a Canadian-listed hydro-electricity developer based in Eastern Europe, have agreed to form a Joint Venture to build several hydro power projects in Serbia for a total targeted capacity of around 700 MW. The first phase, to build two power stations at Brodarevo with an installed capacity of 48 MW, will start in 2009. The other projects are targeted for completion by 2015. The two companies also intend to extend their development partnership into other countries.
A value creating partnership for both groups
Global EcoPower builds power stations producing green electricity. Already active in other renewable segments, the French energy group is completing its "energy mix" by building hydro power units in countries that support green industry.
Reservoir Capital Corporation develops hydro power projects in Eastern Europe. The Canadian group found in Global EcoPower the right partner to build these power stations and to produce together green electricity.
The agreement signed on March 13TH 2009 provides for the creation of a joint venture owned 50% by each party that will acquire and build hydro projects and will operate them for their own account or for the account of third parties.
Jean-Marie Santander, CEO of Global EcoPower:"We intend to intervene in all segments using renewable energies because future, in our sector, belongs to companies developing an "energy mix" strategy. The contract we signed with Reservoir Capital Corporation demonstrates our will to diversify the type of power stations built and owned by our Group. The hydro sector has already demonstrated its reliability and its maturity for many years; it will be an ideal complement to the very dynamic solar and biogas/biomass sectors as well as to the remaining opportunities in the wind sector in many countries."
Miljana Vidovic, CEO of Reservoir Capital: "We are delighted to have Global EcoPower as a partner for our Brodarevo Projects and to jointly build a substantial renewable energy business in Serbia and the region".
The first phase of work by the Reservoir Capital - Global EcoPower partnership will be to develop the Brodarevo 1 and Brodarevo 2 hydroelectric projects on the River Lim in Southwest Serbia, with the following characteristics:
|Brodarevo I||Brodarevo II|
|Installed capacity (MW)||23||25|
|Annual Production (MWh)||88 000||97 000|
|Number of turbines||3||3|
|Type of turbines||Kaplan||Kaplan|
The building will start end 2009 for a total investment of around 100M¤.
Phase 2 of the Global EcoPower - Reservoir Capital partnership is the creation of a jointly-owned Development Company which will be responsible for the construction of the Brodarevo 1 and 2 Projects and the acquisition and development of other hydroelectric projects in Serbia and the Region, directly and in collaboration with the local authorities
Reservoir Capital Corporation has started the development of several projects representing around 650 MW that will be contributed to the joint venture created by the two groups Global EcoPower and Reservoir Capital Corporation.
Hydro electricity in Serbia
Since 2001, more than 80 laws have been adopted or modified in order to facilitate the inflow of foreign investment in the energy sector in Serbia, one of the most important of which is the Energy Law based on European Union guidelines. The Parliament of Serbia adopted the new Energy Law on July 2004 with the aim of reorganizing Serbia's energy sector and to integrate it with the European Union. One of the key developments from this law is Serbia's full participation on the regional energy market in South-eastern Europe, also known as the Energy Community of South East Europe ("ECSEE"). The other has been to establish a competitive energy market based on non-discriminatory principles (ensuring equal legal status to all participants in the energy market, open energy market and non-discriminatory access to energy systems and supply networks).
Serbia's hydroelectric generating capacity is currently 2,831 MW, but government studies suggest there are technically and economically feasible sites available in Serbia to more than double that figure. Developing this new capacity would greatly reduce Serbia's dependence on imported power and reinforce its leading position as the main interconnected country in the electricity network of the regional energy market in the ECSEE.
About GLOBAL ECOPOWER
Global EcoPower, a subsidiary of the ATHANOR Equities Sicar group, which builds power plants and generates green electricity from a mix of renewable energies, is listed on the Marché Libre of NYSE Euronext Paris under ISIN code FR0010519082.
Site Internet : www.global-ecopower.com
Global ecopower, 75 rue Denis Papin 13857 Aix en Provence Cedex - France
For more information, please contact Philippe PERRET, CFO: + 33 442 24 5010; Jean-Marie SANTANDER, CEO: +33 442 24 5010.
About Reservoir Capital Corporation
Reservoir Capital Corp is a Southeast Europe focused project developer, with a mandate to acquire undeveloped natural resource opportunities. The Company is investing primarily in renewable energy environmental and precious metals opportunities. For further information on Reservoir Capital Corp., please consult the Company's website www.reservoircapitalcorp.com or contact: Miljana Vidovic, President and CEO at +381 11 355-5290; or Miles Thompson, Chairman, at +1 (604) 662-8448.Information réglementée
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|GLOBALECOPOWER NR||Euronext Paris||0.08 (c)||0.00%||0|