Green Star Alternative Energy, Inc. (Pink Sheets: GSAE; "GSAE" or the "Company") (http://www.greenstarae.com) announces that the Company is in negotiations with a private corporation for the development of a 120 MW wind energy facility. The project is in the advanced stages of pre-construction and in a high wind velocity zone.
The 120 MW wind farm is to be sited in North East Serbia - specifically in the Municipality of Pancevo, District of Banat, within the Autonomous Province of Vojvodina. Over 28 months of wind resource data has been accumulated over three micro locations and the results indicate significant energy potential. A "Protocol of Cooperation" has been signed by the City of Pancevo, Secretariat of Energy for AP Vojvodina, and the Serbian Energy Efficiency Agency; and a license for grid connection is in process by the national transmission operator (EMS).
Data analysis has been conducted using the Wind Atlas Analysis and Application Program (WAsP); it has provided optimal wind turbine positioning for 60 - 2 MW generators. The existing 110 kV overhead line runs adjacent to the site and allows for economical integration to the electrical grid; in addition, the transportation infrastructure further eases the construction process. The 120 MW wind energy facility is expected to generate revenues in excess of $62 million per annum.
Mike Andric, CEO of Green Star Alternative Energy, stated: "This is an important development for both Green Star and the Republic of Serbia. The project will firmly establish wind as the foremost renewable energy source for the entire region by supplying over 40,000 homes with electricity."
About GSAE
Green Star Alternative Energy is an environmentally conscious, renewable energy company working to develop more than 300 MW (megawatts) of clean electricity through wind energy. The corporate revenue model is two-fold: the use of a renewable resource allows not only for the creation of environmentally friendly energy, but the granting of carbon (greenhouse gas) emission credits which may be traded and sold. Green Star is pursuing a significant opportunity to provide clean energy to the growing Republic of Serbia and neighbouring European countries. Through a joint venture with key wind farm and power trading company Notos, Green Star will become the nation's first developer of wind power. GSAE is focused on green technology and sustainable energy programs like wind turbines, hydro electric power generation, and other renewable electricity models.
Investor Relations:
Toll-Free: (877) 257-GSAE (4723)
gsaeir(at)gmail.com
www.greenstarae.com
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.
Source: Green Star Alternative Energy, Inc.
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