Astra Energy Inc. (OTCQB: ASRE) ("Astra" or the "Company") is pleased to announce that it has successfully presented a feasibility report and executed documentation to secure 207 acres of land on a 33-year renewable lease with the Revolutionary Government of Zanzibar for Astra's Zanzibar Clean and Renewable Energy Park project ("ZCREP").
Astra officials met with the president of Zanzibar, H.E. Dr. Hussein Mwinyi ("H.E."), along with officials from Zanzibar Electricity Corporation ("ZECO"); the Ministry of Water, Energy and Minerals; and the Zanzibar Utilities Regulatory Authority. During the meeting, Astra presented H.E. with the completed feasibility study for the project. H.E. restated his continued support for the ZCREP project and encouraged Astra and the government officials present to "start negotiations on a power purchase agreement immediately."
Astra intends to own and operate the project as an independent power producer, selling the power to ZECO, Zanzibar's state-owned utility, via a long-term power purchase agreement. The combined solar and waste-to-energy project will generate 50 MW of clean and renewable energy on Unguja Island, the largest island in the Zanzibar archipelago. The land package consists of 199 acres in Kibele district for the solar PV portion of the project and an additional 8 acres, adjacent to the solar park and within the confines of the Kibele landfill, for the waste-to-energy facility.
The project will also consume 300 tons per day of municipal solid waste ("MSW"), which will reduce the stress on the Kibele landfill, the island's only dedicated receptacle for waste. Astra's Regreen Total Waste System (www.regreentechnologies.com) will convert the MSW into valuable electrical power and marketable revenue-generating byproducts.
Additionally, a battery energy storage system component will be installed along with the solar PV plant to both help stabilize the power supply and drastically reduce Unguja Island's reliance on a single 100-MW submarine cable from mainland Tanzania, which is currently the island's sole source of normal power. It is routinely operated at greater than 90% of its capacity during periods of peak demand on the island.
Astra also plans to deploy Holcomb Energy Systems' (www.holcombenergysystems.com) cutting-edge In-Line Power Generator solution to amplify the project's output, helping to support Zanzibar's move toward energy independence.
Tony Thompson, Astra's VP of Electrical Power Generation, stated, "This project will generate green, long-term, sustainable revenue for the Company and deliver value to shareholders, while creating value for the residents of Zanzibar by providing a stable source of clean and renewable energy on the island."
Astra will now commence detailed engineering design and required environmental impact studies. Construction of the facility is expected to start in 2024, reaching commercial operation in 2025.
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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