$ASRE Astra Energy Inc. Presents Feasibility Repor

$ASRE Astra Energy Inc. Presents Feasibility Report, Secures 207-Acre Land Package for Clean and Renewable Energy Park Project at Kibele Landfill in Zanzibar

https://www.globenewswire.com/news-release/20...zibar.html

SAN DIEGO, June 20, 2023 (GLOBE NEWSWIRE) -- via IBN -- 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.