Astra Energy Inc. Executes MOU to Develop a 100-Megawatt 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.
https://www.globenewswire.com/news-release/2024/02/21/2832857/0/en/Astra-Energy-Inc-Executes-MOU-to-Develop-a-100-Megawatt-Clean-and-Renewable-Energy-Park-with-Lesotho-National-Development-Corporation.html