The renewable energies unit of German utility RWE AG (RWE.XE) Tuesday signed an agreement that could lead to the construction of hydroelectric power plants in Serbia, a company spokesman said.
The renewable energies unit of German utility RWE AG (RWE.XE) Tuesday signed an agreement that could lead to the construction of hydroelectric power plants in Serbia , a company spokesman said.

RWE Innogy signed a memorandum of understanding with state-owned utility Electric Power Industry of Serbia, EPS, to set up a joint project company, the spokesman said. RWE Innogy will own 51% in the joint venture, he added.

Both companies are now further developing the plans for a total of five hydroelectric power plants with a combined production capacity of 150 megawatt, he added.

A final investment decision, however, hasn't yet been made, and construction is unlikely to commence before 2014, he added.

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