LAS VEGAS, May 13, 2009 (GLOBE NEWSWIRE) -- The winds of change in alternative energy are clearly not limited to the continental United States, with President Obama's Inaugural Address declaration, "We must harness the wind," resonating far and wide. Now, it appears that powerhouse General Electric Co. (NYSE:GE), is interested in harnessing the winds of Southeastern Europe.
According to a recent release from Green Star Alternative Energy, Inc. (Pink Sheets:GSAE), General Electric's GE Energy Development Group is pursuing talks with Notos, the Serbian company in a wind development joint venture with Green Star in Serbia. This represents a strong forward step for an American business icon in a country seemingly eager to find Western investment and new sources of revenue. For Green Star and Notos, it's a powerful move toward entrenching them as leaders in the wind energy space in Serbia and beyond.
Green Star has made significant efforts to bolster its Serbian credentials in recent months, announcing negotiations for a 60 MW wind energy partnership project, and potentially other future projects with Vintim d.o.o., a private Serbian wind research company, and adding veteran Serbian businessman Mike Andric as CEO and Chairman. Now, with GE Energy in talks with Notos, that joint venture partner seems to have been the right strategic move for Green Star.
Green Star Alternative Energy is an environmentally conscious, renewable energy developer. The Company is 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 neighboring European countries. Through a joint venture with key wind farm and power trading company Notos, it will become the nation's first developer of wind power.
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