Astra Energy Inc. Executes MOU to Develop a 100-Megawatt Clean and Renewable Energy Park with Lesotho National Development Corporation
Astra expands developing Africa project portfolio to 500 MW of electrical generation capacity utilizing the “Build, Own, Operate, Maintain” business model, as it intends to become an independent power producer in the region
/EIN News/ -- SAN DIEGO, Feb. 21, 2024 (GLOBE NEWSWIRE) -- via IBN -- Astra Energy Inc. (OTCQB: ASRE) (“Astra” or the “Company”) is pleased to announce that through its agent Aztec Management Consultants Inc., it has executed a memorandum of understanding (“MOU”) with the Lesotho National Development Corporation to develop a 100-megawatt (“MW”) Clean and Renewable Energy Park (“project”) in the country of Lesotho, an enclave within South Africa.
Astra intends to own and operate the project as an independent power producer. This follows the same business model implemented for both the 50-MW Clean and Renewable Energy Park being developed with Zanzibar Electricity Corporation at Kibele Landfill in Zanzibar, and the 350-MW combined cycle power plant in mainland Tanzania being developed with the Tanzania Electric Supply Company.
These three projects combined have the potential to generate significant recurring revenues for the Company for many years. The projected gross revenue stream for these projects is estimated at $240 to $260 million annually over a minimum of 25 years.
The project will improve reliability of electricity delivery that is critical to a growing economy. Success of the project will also create both direct and indirect jobs and positively affect other sectors of the economy that primarily rely on a consistent and cost-effective supply of electric power.
Astra continues to play a role in securing and developing new clean and renewable project opportunities to supply the burgeoning economies on the continent of Africa.
About Astra Energy Inc.
Astra Energy Inc. is an integrated solutions provider investing in and developing renewable and clean energy projects in markets where demand is high, supply is limited and there is an opportunity to address other imminent market needs.
Astra’s corporate strategy is rooted in securing technologies and assets; identifying viable market opportunities; and bringing together resources, expertise, technology and defined action plans to execute first-in-class projects that benefit communities, local economies, the planet and the Company’s investors.
Its goal is to create a more secure and sustainable power sector that supports the Company’s purpose, mission and values to transform the economic, environmental and social landscape for generations to come.
For more information on Astra Energy Inc., visit the Company’s website at www.astraenergyinc.com.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements. In evaluating these forward-looking statements, readers should consider various factors, including the Company’s ability to change its direction, its ability to keep pace with new technology and changing market needs, and the competitive environment of its business. These and other factors may cause the Company’s actual results to differ materially from any forward-looking statement.
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