Green Star Alternative Energy, Inc. (Pink Sheets: GSAE; “GSAE” or the “Company”) (http://www.greenstarae.com) is pleased to announce that an analysis of the Veliko Gradiste zone demonstrates the potential for 50 MW of wind energy development. As per the agreement with the municipality, Green Star is exploring the economic viability of the region’s wind resources to determine whether to exercise the right to develop wind power and supply the area with green electricity.
The Company’s wind resource engineer, MSc. Nikola Vasiljevic, has sited three separate micro locations in his report: two in Ram and one in Deliblatska Pescara. Plans to erect one of the Company’s wind sensors at the Ram site are underway. The Municipality of Veliko Gradiste is located in north-east Serbia approximately 100 km east of the capital, Belgrade. Its territory encompasses 344 square km on the right bank of the Danube River and left bank of the Pek River.
Miodrag Andric, CEO of Green Star Alternative Energy, stated: “The Company is committed to increasing its portfolio of wind farm development locations. By utilizing comprehensive analysis and meticulous exploration systems, Green Star will continue to acquire gainful opportunities in the wind energy sector.”
Green Star Alternative Energy announce that an agreement to develop a 120 MW wind farm has been reached with Wellbury Infrastrukturberatungsgesellschaft GmbH.
A corporate structure is being created for this endeavour in a new Serbian subsidiary company, whose ownership will be maintained by both Green Star and Wellbury. The terms of the agreement include a joint 50-50 title, with complete recoupment of all expenditures by Green Star before any division of profits.
This advanced stage project 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 a significant energy potential of 120 MW. 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).
Dr. Miodrag Obradovic, CEO of Wellbury Infrastrukturberatungsgesellschaft GmbH, commented: “An alliance with Green Star Alternative Energy is a perfect fit for Wellbury. Green Star is dynamic team with an impressive vision for this burgeoning wind energy industry in Serbia.”
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.
The use of renewable energy sources is in accordance with the Serbian Strategy of Energy Supply Development by 2015. Its priorities are the selective exploitation of the renewable sources and implementation of eco-friendly technologies.