Canadian REV not to give up investments in Serbia - Local offices closed, hydroelectric power plants on the Lim still in the pipeline

The company Renewable Energy Ventures (REV) announced on Wednesday that, although its local offices in Brodarevo and Prijepolje had been closed, it was not giving up the announced investments in Serbia.

This energy company is focused on the development of renewable sources of energy through the construction of two hydroelectric power plants on the Lim river. The total value of this largest private investment in Serbia in the construction of hydroelectric power plants Brodarevo 1 and Brodarevo 2 is EUR 140 million.

REV has so far invested EUR 7.5 million in the project (research works, studies, administration...), while the value of agreements signed in 2011 is EUR 2.4 million. Due to an increased scope of activities and implementation of started projects, as well as because of certain unrealistic demands in connection with the purchase of land, the company REV has closed its local offices in Brodarevo and Prijepolje.

"The company will be timely informing the media and all interested parties about all future plans and phases of the project development, as well as about possible reopening of local offices", people at REV announced.

The company does its business pursuant to Serbian laws, rules and regulations of the Ministry of Infrastructure and Energy, the Ministry of Environment, Mining and Spatial Planning, the Energy Agency of the Republic of Serbia, and other competent institutions. All activities are executed in accordance with positive regulations and pursuant to law, including the possession of an energy permit (expires on February 1, 2012), reads the statement.

REV doo Beograd

Ministarstvo rudarstva i energetike Republike Srbije

Agencija za energetiku Republike Srbije

REV

Brodarevo

Lim

Brodarevo 1

Brodarevo 2