U.S.-based Green Star Negotiates to Acquire JV Partner Notos in Serbia

GSAE expects the acquisition to be completed with the issuance of between five and ten million restricted shares, it said in a statement.

A joint venture company comprising GSAE and Notos plans to build a 120 megawatt wind farm in northern Serbia that will generate more than $62 million (41.3 million euro) in annual revenue, GSAE said in September.

GSAE said last month it has qualified to receive a privileged power producer status from Serbia’s Energy Ministry, allowing it to sell its output at a price higher than current wholesale electricity prices.

($=0.6655 euro)