Astra Energy plans 100-MW clean power project in Lesotho

Astra Energy Inc (OTCQB:ASRE) unveiled a plan to develop a 100-MW clean and renewable energy park in Lesotho as part of its ambition to establish itself as an independent power producer (IPP) in Africa.

The San Diego, California-based firm has signed a memorandum of understanding (MoU) with the Lesotho National Development Corporation for the project. Under the pact, Astra will be the project’s owner and operator, it said in a recent statement.

In Lesotho, Astra intends to apply the same business model used for the 50-MW clean and renewable energy park being developed with Zanzibar Electricity Corporation, and the 350-MW combined cycle power plant in mainland Tanzania.

The above-mentioned projects will establish a 500-MW African portfolio which is expected to fetch between USD 240 million (EUR 222m) and EUR 260 million in annual gross revenue over a minimum of 25 years.

Astra seeks to invest in and develop renewable and clean energy projects in markets where demand is high and supply is limited. It is also interested in acquiring technology in the waste-to-energy project sector.

(USD 1 = EUR 0.925)

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