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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."
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.
FORWARD-LOOKING STATEMENTS
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SOURCE: Green Star Alternative Energy, Inc.
Green Star Alternative Energy, Inc. Jesse De Castro, CFO 866-955-GSAE (4723) info@greenstarae.com
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