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PROFILE
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.
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Robust demand for wind energy
The U.S. Department of Energy predicts 71% growth in world energy consumption between 2005 and 2030. High oil prices and concerns regarding greenhouse gas emissions have created strong interest in clean energy and in wind power, which is one of the least expensive and most easily deployed energy sources. According to the Global Wind Energy Council, cumulative capacity of wind energy installations will reach 149.5 GW by the end of this decade, more than double present installed capacity. According to Clean Edge research, the wind energy market will grow from $11.8 billion in 2005 to $51.1 billion by 2015.
This year, the EU issued a directive to boost overall consumption of renewable energy from the current 8.5% to 20% by 2020. Since 2000, 30% of all installed electricity generating capacity in the EU has come from wind power. Europe’s wind energy installations have more than quadrupled from 13 GW in 2000 to 57 GW at year-end 2007.
Wind energy opportunity in northern Serbia
GSAE has identified a tremendous market opportunity in developing and supplying wind power for electricity in the Republic of Serbia. The northern part of Serbia has a strong local southeast wind (“kosava”) to sustain wind power. The Serbian are very suitable for the development of wind farms in Vojvodina AP since almost two-thirds of the region has wind speeds that consistently exceed 4 m/s. The Pannonian Plain, north of the Danube river, covers approximately 2,000 square kilometers, and has all the basic infrastructure, from roads to the electricity grid, needed to support wind generation. Wind speeds in excess of 5 m/s can be found in several locations in Serbia, including Bela Crkva, Indija, Irig, Sombor, Novi Sad, Vrsac, and Zrenjanin.
300 MW of new wind power to be brought on-line by 2013
GSAE is assessing potential wind farm sites across Serbia and plans to develop wind farms on sites covering 2,300 hectares. These sites already have the necessary infrastructure for wind farms such as available land, civil works, electrical works, transmission lines, approach roads, etc. Notos is currently working to bring a 20MW wind farm on-line in Serbia’s Belo Blato region in the municipality of Zren-janin, Vojvodina. Notos plans to develop its second wind farm in the Sombor region of northern Serbia, which will have a capacity of over 280 MW by 2013.
Multiple revenue streams
With the acquisition of Notos, the Company will start generating meaningful revenues from:
- Power trading: Notos is one of only a handful of electricity marketing and trading companies licensed to conduct business in Serbia
- Sale of electricity from wind power: GSAE is committed to developing wind farms with a total capacity of more than 300 megawatts
- Sale of greenhouse gas emissions credits: A 20 MW wind farm can reduce CO2 emissions by 74,400 tons per year. The average price per ton for reduced CO2 is around EUR 24
- Sale of farm produce: the Company plans to develop a wheat farm on its 2,300 hectare wind farm sites
GSAE anticipates having wind energy production capacity of 300 MW by 2013, which will produce annual revenues of approximately EUR 200 million and net income of EUR 156 million.
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