DETROIT--(BUSINESS WIRE)--Green Energy Renewable Solutions, Inc. (OTCQB: EWRL) (“Green Energy”) announced today that the Officers and Directors of Green Energy have made the decision to step back from the proposed landfill and renewable energy project in Puerto Rico due to lack of funding.
The Company stated that it had received commitments for funding that were expected to close in 2012 for this project, but due to failure of sources to meet the funding commitments and lack of success in obtaining alternative funding in a timely manner, it would table pursuit of this venture for the time being.
Joseph DuRant, CEO of Green Energy, stated, “We are very disappointed that what we thought were solid funding commitments were not consummated. This left us in a very difficult position as we had already made material commitments to other projects. We feel it is the best decision to table the Puerto Rico project for the present time, and we will focus our efforts on developing our other projects which have a higher probability of success with a shorter timeline to activate. We hope to revisit opportunities in the Puerto Rico market in the future and continue to believe this area has great potential. We are working diligently to bring a number of exciting projects online in the coming months and are confident that our business model will bring success to our company.”
About Green Energy Renewable Solutions
Green Energy Renewable Solutions, Inc. is a developer and operator of municipal solid waste and construction and demolition waste processing and recycling facilities. The Company operates with long-term supply agreements to process waste materials into valuable recyclables and reduce waste volume going into landfills by up to 85%. Green Energy Renewable Solutions has developed a strategic plan to create sustainable renewable energy with waste-to-energy power plants and the production of waste derived fuels.