Astra Energy Inc. Announces Acquisition of Land for Zanzibar Clean and Renewable Energy Park

Rhea-AI Summary

Astra Energy Inc. (OTC: ASRE) has secured a 33-year renewable lease for approximately 200 acres in Zanzibar for its Clean and Renewable Energy Park Project, aiming to generate 50MW of clean energy. This will include 42.5MW from solar and 7.5MW from waste-to-energy technology, utilizing 300 tons of municipal solid waste daily. The project aims to reduce reliance on a single power source from Tanzania and alleviate waste disposal issues on Unguja Island. Astra plans to sell electricity to Zanzibar Electricity Corporation via a long-term agreement, complementing a $142M World Bank initiative for energy sector transformation.

Positive

• Secured a 33-year renewable lease for 200 acres in Zanzibar for renewable energy project.
• Will generate 50MW of clean energy, improving the energy mix on Unguja Island.
• Utilizing waste-to-energy technology to process 300 tons of municipal solid waste daily.
• Long-term power purchase agreement with Zanzibar Electricity Corporation ensures revenue stream.
• Project enhances energy stability, reducing reliance on a single submarine cable.

Negative

• None.

SAN DIEGO, March 20, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Astra Energy Inc. (OTC: ASRE) (“Astra” or the “Company”) announces that it has received a commitment letter from the revolutionary government of Zanzibar to supply approximately 200 acres of land by way of a 33-year renewable lease, for Astra’s proposed Zanzibar Clean and Renewable Energy Park Project (“Project”).

The Project will generate 50MW of clean and renewable energy on Unguja Island, the largest island in the Zanzibar Archipelago and the seat of Zanzibar’s semi-autonomous government. It will be comprised of 42.5 megawatts of solar generation, coupled with Astra’s proprietary Regreen waste-to-energy technology, which will generate the remaining 7.5 megawatts while consuming and eliminating approximately 300 tons of municipal solid waste (MSW) daily. The Project will also include a battery energy storage system (BESS), a much-needed source of grid stability and a peak power source for the island. Astra intends to own and operate the Project as an independent power producer (IPP), selling the power to Zanzibar Electricity Corporation (ZECO), Zanzibar’s state-owned utility, via a long-term power purchase agreement. The Project will complement the Zanzibar Energy Sector Transformation Project (ZESTA), a $142M World Bank and Clean Technology Fund initiative whose objective is to “expand access to electricity service and to create an enabling environment for private-sector participation in the Zanzibar electricity sector.”

“Astra conceived this unique Project to address two of Zanzibar’s most pressing issues: access to clean, reliable power and the growing problem of municipal solid waste disposal,” says Astra’s Vice President of Electrical Power Generation Tony Thompson. “The 50 megawatts of generation on Unguja, coupled with the BESS component, will drastically reduce the island’s reliance on a single 100-MW submarine cable from mainland Tanzania, which is currently its sole source of power and is routinely operated at greater than 90% of its capacity during periods of peak demand on the island. The Project’s consumption of 300 tons per day of MSW will reduce the stress on the Kibele landfill, the island’s only dedicated receptacle for waste.”

Astra and the government of Zanzibar previously signed a memorandum of understanding (MOU) on June 7, 2022, to develop the Project, and Astra has been approved for U.S. government advocacy to help advance the Project. Astra has also applied for a grant from the U.S. Trade and Development Agency (USTDA) to fund the feasibility study and has chosen Arup US, Inc. as the sole source provider to conduct the study. Astra plans to begin Project engineering once the feasibility study is complete and definitive agreements have been reached with the Zanzibar government, which is expected later this year.

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.

Corporate Communications:
Heidi Thomasen
IR@astraenergyinc.com
1-800-705-2919

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.

Wire Service Contact
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
Editor@InvestorWire.com

FAQ

What is the purpose of Astra Energy's Clean and Renewable Energy Park Project?

The project aims to generate 50MW of clean energy while addressing waste disposal issues in Zanzibar.

What technology will be used in the Zanzibar Clean Energy Park?

The project will utilize 42.5MW of solar energy and Astra's proprietary waste-to-energy technology for the remaining 7.5MW.

How long is the lease for the land in Zanzibar?

Astra Energy has secured a 33-year renewable lease for the land.

What are the expected benefits of this project for Zanzibar?

The project is expected to provide clean and reliable power, reduce waste, and enhance energy stability on Unguja Island.

How will Astra Energy fund the feasibility study for the project?

Astra has applied for a grant from the U.S. Trade and Development Agency to fund the feasibility study.