WallStreetAnalystReport.com Reports GSAE Evaluating Potential Wind Farm Locations

(EMAILWIRE.COM, September 30, 2008 )

Del Mar, CA -- Green Star Alternative Energy, Inc (GSAE) has a development plan which includes 300 MW of installed power capacity - producing renewable, eco-friendly electricity from wind energy
announced last week the acquisition of 4 complete NRG Â– NOW Â– Symphonie structures from NRG Systems. These additional wind measurement systems will help further assist GSAE in evaluating potential wind farm locations within the Republic of Serbia and surrounding European countries.

For an in-depth coverage on Green Star Alternative Energy, Inc., please visit: http://www.WallStreetAnalystReport.com

Green Star Alternative Energy, Inc. (GSAE.PK)

Opportunity Snapshot
Record-high oil prices, increasing energy demand, escalating energy security concerns, finite fossil fuel supplies and rising greenhouse gas emissions are fueling a significant shift in the global energy economy toward alternative energy. Governments, businesses, consumers and investors are taking action to transition to a cleaner, smarter energy mixÂ—one that leverages renewable resources and indigenous supplies. In 2007 revenues from wind, solar, biofuels and fuel cells increased 40% to $77.3 billion, according to research from Clean Edge.

Wind energy is clean, renewable, emissions-free, cost competitive and abundant, and it has become a driving force in the worldÂ’s energy markets. The European Wind Energy Association reports that over 20,000 megawatts (MW) of new wind power was installed globally in 2007 to reach a total of 94,122 MW. According to the Global Wind Energy Council the wind market is now worth an estimated $36 billion in new generating equipment.

Green Star Alternative Energy, Inc. is engaged in developing clean energy from the power of wind. The company is targeting a significant opportunity to supply growing energy markets in the Republic of Serbia and surrounding European nations. 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 recently announced the execution of a letter of intent to acquire Notos d.o.o. and Sirius Regulus d.o.o., privately owned wind energy development, power trading and land ownership companies. With the acquisition Green Star will effectively become the first organization to develop wind energy in Serbia, beginning with the 20 MW Belo Blato wind farm. Upon completion of the acquisition Green Star will also become one of only a few companies licensed to trade electrical power into and out of Serbia, and the only company in Serbia able to generate and export its own wind energy.

Green Star Alternative Energy is working to develop more than 300 MW of new wind power by 2013. The pending acquisition of Serbian wind power and energy trading companies Notos and Sirius Regulus will enable Green Star to establish a significant foothold in the clean energy market. The Notos Wind divisionÂ’s 20 MW Belo Blato wind farm is progressing through the final stages prior to construction, with a completed feasibility study and permits in process. The company expects to be revenue positive this year, projecting an estimated $2,070,347 in revenue for Q4 2008 from the Notos Power Trading division.

Key Investment Highlights
 Green Star Alternative Energy is engaged in generating clean, profitable, secure and renewable energy from wind.
 The company is working to bring 300 MW of new wind power online by 2013.
 Green Star has an LOI in place to acquire key Serbian wind power and energy trading companies Notos and Sirius Regulus. Notos has a 20 MW wind power project under development, extensive local contacts and government authorization to import and export electricity.
 With the acquisition Green Star will become one of only 15 companies licensed to buy and sell energy to and from Serbia and the only company able to generate and sell its own wind energy.
 The company has identified a tremendous niche opportunity in the Republic of Serbia. SerbiaÂ’s national energy policy calls for the development of renewable resources for power generation. Renewables make up only a tiny fraction of the countryÂ’s energy supply, with the majority of power generated by burning coal. Today hydropower is the only clean energy source utilized.
 Green Star is working to become the first developer of wind power in Serbia.
 New global investments in energy technologiesÂ—including venture capital, project finance, public markets, and research and developmentÂ—expanded by 60% last year, from $92.6 billion in 2006 to $148.4 billion in 2007, according to research firm New Energy Finance.
 Government policies are driving the adoption of renewable energy. This year the EU issued a directive to boost overall consumption of renewable energy from 8.5% today to 20% by 2020. In the United States, where cumulative installations of wind power grew 45% in 2007, more than 30 states have adopted renewable portfolio standards (RPS).
 Europe has embraced wind power. Since 2000, 30% of all installed electricity generating capacity in the EU has been wind power. Wind energy more than quadrupled from 13 GW to 57 GW by the end of 2007. {European Wind Energy Association (EWEA), Â“Pure PowerÂ”, March 2008}
 The global market for wind turbines grew by approximately 30% last year to 20,000 MW. European companies continue to lead the market, estimated at nearly $38 billion. (EWEA, March 2008)
 World marketed energy consumption is projected to increase by 50% by 2030. Worldwide, the consumption of renewable energy is expected to nearly double, increasing 2.1% per year from 35 quadrillion Btu to 59 quadrillion Btu in 2030. (US Department of Energy, Â“International Energy Outlook 2008Â”, June 2008)
 Economic growth in Serbia continues at a healthy clip. SerbiaÂ’s GDP grew by an estimated 7.5% in 2007 over the previous year, and stood at $44 billion. GDP is expected to grow between six and six and a half percent in 2008. (US Department of Commerce, Country Commercial Guide 2008)
 Green StarÂ’s wind power projects will enable the company to sell greenhouse gas emissions credits. The global carbon emissions trading market grew 80% in 2007 to reach $60 billion. (Point Carbon, "Carbon 2008", March 16, 2008)

Companies operating in the booming wind energy sector are thriving. Western Wind Energy Corp. (TSX-V: WND) announced record revenues of $2,145,874 and net earnings of $2,904,631 or $0.10 per share for the 2nd Quarter ending June 30, 2008. Quanta Services (NYSE: PWR), another profitable wind play, is up nearly 24% YTD. Jim Cramer recently highlighted Trinity Industries Inc. (NYSE: TRN), trading around $36, as a dynamic wind business with a huge backlog. Bill GatesÂ’ first quarter personal stock holdings included Otter Tail Corp. (NASDAQ: OTTR), which is up 15% YTD. Danish wind turbine manufacturer Vestas Wind Systems (VWS.CO) is up 15.3% this year in dollar terms, after gaining 167.8% last year. Broadwind Energy (Other OTC: BWEN.OB) has posted impressive gains, rising nearly 50% over the past year.

Other stocks to watch are:

Elray Resources, Inc. (OTCBB: ELRA) closed yesterday at (1.01) up 55.38%. Elray Resources, Inc. is a junior exploration and development Corporation which has successfully accumulated a portfolio of four highly prospective, heavily mineralized mining tenements in Cambodia and Mexico.

American Superconductor Corporation (NASDAQ: AMSC) closed yesterday at (24.69) up 11.67%. American Superconductor Corporation, an energy technologies company, together with its subsidiaries, provides an array of solutions based on two proprietary technologies, programmable power electronic converters and high temperature superconductor (HTS) wires.

U.S. Geothermal, Inc. (AMEX: HTM) closed yesterday at (2.30) up 42.86%. U.S. Geothermal, Inc., through its subsidiaries, engages in the acquisition, development, and utilization of geothermal resources in the western region of the United States.

Evergreen Energy, Inc. (NYSE: EEE) closed yesterday at (0.97) down 7.62%. Evergreen Energy, Inc. operates as a coal refining and production company.

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