Astra Energy (OTCQB: ASRE) has announced that its subsidiary Astra Energy Tanzania Limited has executed a memorandum of understanding (“MOU”) with the Tanzania Electric Supply Company (“TANESCO”) to develop a 350-megawatt (“MW”) combined cycle power plant in mainland Tanzania. As with the previously announced 50 MW Clean and Renewable Energy Park Project at Kibele Landfill in Zanzibar, Astra intends to own and operate the 350 MW project as an independent power producer, selling the power to TANESCO. The combined projects have the potential to generate significant recurring revenues for the company, with a potential projected gross revenue stream of an estimated $180 to $200 million annually over a minimum of 25 years. “The Tanzanian government is actively working to modernize their critical infrastructure and has plans to increase installed generation capacity to support more industry in the country,” said Tony Thompson, VP of Electrical Power Generation for Astra Energy Tanzania Limited. “Their plan to allow more penetration by independent power producers like Astra into the Tanzanian power market is an indication of their forward-thinking approach that supports the Tanzania Development Vision 2025. The MOU authorizes Astra to advance to complete a full bankable feasibility study and then enter into negotiations for a long-term power purchase agreement.”
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About Astra Energy Inc.
Astra 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, visit the company’s website at www.AstraEnergyinc.com.
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