Independent hydroelectric power consultant, Energoprojekt Hidroinzenjering (EH) who conducted the study, concluded that the combined capacity of the projects could be increased from 58.4MW to 59.1MW per annum vis-à-vis an output of 232.5GW.

"We are very pleased to have reached this important milestone and encouraged that the feasibility study projects a solid economic return on both Brodarevo 1 and 2," said Reservoir President & CEO Miljana Vidovic.

Cumulative cost of the projects is estimated at €145.83m including construction of 7.31kms of new roads and tunnels costing €34.08m

Brodarevo 1 and Brodarevo 2 hydroelectric projects located at Junakovina and Lucice respectively in southwest Serbia are part of a bilateral agreement between Italy and Serbia that allow for export of green energy to Italy.

As per the terms of the bilateral agreement, Serbia has a fifteen year price guarantee fixed at €155/MWh, however for the purpose of the feasibility study €147.5/MWh. The study also concluded cumulative operating expenses of €2.4 per annum.

Reservoir Capital is expected to finance the project on a 30% equity and 70% debt model, with debt being raised from a consortium of lenders.