SAN DIEGO--(BUSINESS WIRE)--Green Star Alternative Energy, Inc. (Pink Sheets:
GSAE -
News) announces the
development of a new wind energy project in the Republic of Serbia. The
20 Megawatt (MW) Belo Blato wind farm will be the initial phase of a 300
MW development plan. It will be the country
’s
first alternative energy project to generate renewable, emission-free
power from wind. Green Star is acquiring alternative energy development
and power trading company Notos d.o.o. to become Serbia
’s
first wind power developer. Green Star expects the Belo Blato project to
come online by second quarter 2009.
Green Star reports the Belo Blato wind energy project is being developed
to generate 20 MW of wind power to provide 6,000 homes with a supply of
eco-friendly electricity. The wind farm will contribute to community
development and enable Serbia to leverage its abundant renewable wind
resource to meet increasing power requirements. The company also plans
to grow and sell wheat to maximize use of the site’s
fertile soil.
The wind farm will occupy 89 hectares of land permitted for wind power
and agriculture north of Belgrade. The site is located in the
municipality of Zrenjanin within Vojvodina AP, which hosts some of the
most constant winds in the region and offers excellent potential for
wind energy generation and transmission. Nearly two-thirds of the
surface area of Vojvodina AP features wind speeds exceeding 4 m/s. The
prerequisite constant level of 5 m/s can be found in several locations:
Zrenjanin, Bela Crkva, Indija, Irig, Sombor, Novi Sad and Vrsac. The
Pannonian plain is ideal for the construction of wind turbines and the
basic infrastructure, from roads to the electricity grid, is already in
place.
Miodrag Andric, President of Notos, commented: “Serbia
is ready for wind power. The nation has ample wind resources and a
stable and growing economy. National energy policy calls for increased
use of renewable resources to meet rising electricity needs. We are
thrilled to be helping Serbia to realize its clean energy potential.”
J. M. De Castro, CFO of Green Star Alternative Energy, stated: “The
Belo Blato wind project is progressing through the final stages prior to
construction. A feasibility study has been completed and permits are in
process. We expect construction to begin in early 2009 with the first
turbine operating in the second quarter. This project marks a new era of
clean energy generation for Serbia. Green Star Alternative Energy is
proud to be a part of it.”
About Green Star Alternative Energy (GSAE.PK)
Green Star Alternative Energy, Inc. is working to develop more than 300
megawatts of clean wind energy. To drive growth and revenue Green Star
is focused on the development of wind energy, the import and export of
electricity, the cultivation of agriculture on its wind farms, and the
supply of greenhouse gas emission credits. The company is pursuing a
significant opportunity to provide clean power to the growing Republic
of Serbia and neighboring European countries. With the pending
acquisition of key wind farm and power trading company Notos, Green Star
will become one of a select few companies licensed to trade electrical
power into and out of Serbia, the only company in Serbia able to
generate and export its own wind energy, and the nation’s
first developer of wind power.
FORWARD-LOOKING STATEMENTS
This press release contains 'forward-looking statements'. These are
statements concerning plans, objectives, goals, strategies,
expectations, estimates, intentions, projections, developments, future
events, or performance, underlying (expressed or implied) assumptions
and other statements that are other than historical facts. In some cases
forward-looking statements can be identified by the use of
forward-looking words such as 'believes,' 'expects,' 'may,' 'will,'
'should,' or 'anticipates,' 'estimates,' or the negative of these words
or other variations of these words or comparable words, or by
discussions of plans or strategy that involve risks and uncertainties.
Management wishes to caution the reader that these forward-looking
statements, including, but not limited to, statements regarding the
Company's plans, goals the estimates and assumptions, and the business
strategy of the Company and other matters that are not historical facts
are only predictions. No assurances can be given that such predictions
and the estimates regarding mineral reserves, success of mining plans,
or other projections will prove correct or that the anticipated future
results will be achieved. Actual events or results may differ
materially. Forward-looking statements should be read in light of the
cautionary statements and risks that include, but are not limited to,
the risks associated with a small company, the intense competition the
company faces from others, and technological changes. Any one or more of
these or other risks could cause actual results to differ materially
from the future results indicated, expressed, or implied in such
forward-looking statements.
