RWE signs up to Serbian hydropower investment

State-run Serbian power company Elektroprivreda Srbije (EPS) and RWE, Germany's second largest utility, have signed memorandum on joint energy projects worth around $2.82bn.

"The declaration of intent covers further development and enhancement of existing energy generation plants...as well as planning, construction and operation of new power plants," RWE said in a statement after signing the deal.

In 2009 Serbia and RWE agreed to add about 3000 MW of hydro power capacity from new power plants, reports Reuters.

The overhaul, extension and operation of run-of-river hydro plants on the Drina and Danube rivers with a combined capacity of 920 megawatts (MW), as well as expansion of the 1,240 MW Nikola Tesla (TENT) coal fired power plant complex, have been identified as the first joint projects, RWE said.

"We plan to extend the use of hydropower there even further. Unlike the situation in Germany, there is a plenty of potential for expansion in the rivers of Serbia," its CEO, Hans Bunting, said.

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