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GSAE PR September 8, 2008 - 4:10 PM EDT

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Green Star Alternative Energy Developing 20 MW Wind Power Project
Green Star Alternative Energy Developing 20 MW Wind Power Project
Green Star Alternative Energy, Inc. (Pink Sheets:GSAE) 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.


Green Star Alternative Energy, Inc.
Jesse De Castro, CFO, 619-497-2555
[e-mail]



Source: Business Wire (September 8, 2008 - 4:10 PM EDT)

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