Stardust Solar talks with Zambia, utility leaders

Executive Summary

• Stardust Solar Energy Inc. advanced its international utility-scale solar strategy through high-level diplomatic and government engagements in Zambia, meeting with senior officials including Vice-President Mutale Nalumango and national utility leadership.
• The company highlighted a previously announced 20-year government-backed Power Purchase Agreement (PPA) with Zambia's national utility, Zesco, for a 30-megawatt utility-scale solar project, which is expected to generate significant contracted revenue and recurring royalty cash flows.
• Discussions emphasized Zambia's supportive regulatory environment, the critical need for energy to support industrialization and mining, and the country's structural power deficit, which drives the prioritization of solar diversification.

Key Details

• Strategic Engagements: Chief Operating Officer Eamonn McHugh led on-the-ground discussions with senior government officials, national utility leadership, and key stakeholders in Zambia.
• Government Support: Meetings with the Ministry of Energy reinforced Zambia's commitment to enabling energy investment, facilitating project approvals, and recognizing the role of private investment in expanding electricity capacity.
• Vice-Presidential Endorsement: Vice-President Mutale Nalumango welcomed the company, noting the huge energy market potential, particularly for mining and industrialization, and stated that "solar and clean energy are the way to go."
• Market Context: Zambia has a population exceeding 20 million, a structural power deficit, and a hydro-dominated grid, creating a strong need for diversification through solar to meet growing industrial and residential demand.
• Existing PPA: The company references a previously announced 20-year government-backed PPA with Zesco for a 30-megawatt utility-scale solar project.
• Financial Structure: The PPA is expected to generate significant contracted revenue and recurring royalty cash flows over its life.
• Recent Financing: The company recently completed a financing round to support project development and strengthen working capital.
• Company Strategy: Stardust Solar is expanding its global renewable energy platform through disciplined planning, structured development, and collaboration with governments and utilities, operating a diversified solar royalty platform including residential, commercial, and utility-scale solutions.

Notable Quotes

• Mutale Nalumango, Vice-President of Zambia: "You are most welcome to Zambia. The energy market is huge, especially for what you are doing. From our perspective, solar and clean energy are the way to go. For us to industrialize, we will need energy, particularly for mining, which depends on reliable power... The opportunity here is significant, and your work will play an important role in powering Zambia's future growth."
• Eamonn McHugh, Chief Operating Officer, Stardust Solar: "Our work in Zambia reflects our commitment to partnering with governments and utilities to meet the accelerating energy demand. We are grateful for Zambian leadership's collaboration and shared vision to accelerate deployment of clean energy infrastructure in support of industry, economy and the people."