Reservoir Signs Power Purchase Agreement with GDF SUEZ Energia Italia S.p.A.
30 June 2011 - 3:34AM
Marketwired
(TSX VENTURE: REO)(FRANKFURT: ROC)(BERLIN: ROC) - Reservoir Capital
Corp. ("Reservoir" or the "Company") is pleased to report that its
Serbian subsidiary REV d.o.o. ("REV"), has signed a 20-year Power
Purchase Agreement (the "Agreement"), for the sale of electricity
from the Brodarevo hydroelectric project in Serbia, with GDF SUEZ
Energia Italia S.p.A. ("GSEI"), a wholly-owned subsidiary of the
GDF SUEZ Group.
Under the terms of the Agreement, electricity produced from
Brodarevo will be exported for distribution into the Italian market
at prevailing market prices and GSEI has furthermore agreed to
purchase and pass on to the Company the value of any incentives
generated by the project. The Agreement is conditional on
completion of at least one of the plants by the end of December
2015 and further agreement between the parties once the
arrangements for project financing and transmission are more
advanced.
About Reservoir
Reservoir is a renewable energy company that is engaged in the
development of a 58.4 MW hydroelectric project at Brodarevo in
southwest Serbia. Reservoir holds four geothermal exploration
licenses in Serbia and has applied for three hydroelectric licenses
on the Cehotina River in Bosnia (17.75 MW) and one to develop a 32
MW project from an existing reservoir dam at Vrutci in Serbia. The
Company also holds 8 precious and base metal exploration properties
in Serbia that, subject to approvals, are to be spun-out into a
separately listed company via dividend (see March 25, 2011 Press
Release "Reservoir Capital Announces Spin-Out of Mineral
Exploration Assets"). Reservoir's common shares trade on the TSX
Venture Exchange (symbol "REO") and on the Frankfurt and Berlin
Exchanges (symbol "ROC").
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Reservoir Capital Corp. Chris MacIntyre VP Corporate
Development +381 (11) 397 8453 or +1 416 703 0010
info@reservoircapitalcorp.com www.reservoircapitalcorp.com
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