Stardust Secures Final Government Approval with Executed Implementation Agreement for 30 MW Zambia Utility-Scale Solar Project

(Low)

(Very Positive)

Rhea-AI Summary

Stardust Solar Energy (OTCQB: SUNXF) announced it has received final approval from Zambia’s Ministry of Energy and executed an Implementation Agreement for its flagship 30 MW utility-scale solar PV project in the Kalulushi District, Copperbelt Province.

The agreement, signed by the Ministry, Stardust, and local franchisee Megatricity Energy, establishes the legal framework for development, construction, commissioning, and long-term operation. Project preparations and EPC design are complete, and the next milestone is securing strategic project financing via a combined debt-equity SPV structure to enable construction.

Positive

Final government approval and fully executed Implementation Agreement for 30 MW project
Project development work completed, including engineering, environmental studies, and permitting
Implementation framework in place between Government of Zambia, Stardust, and Megatricity
Project positioned to move into execution after financial close
Active discussions with multiple strategic and institutional investors for financing

Negative

Construction start still contingent on completing project financing
No disclosed financial terms or projected returns for the 30 MW project

AI-generated analysis. How Rhea-AI works. Not financial advice.

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08/25/2026 - 08:30 AM

Vancouver, British Columbia--(Newsfile Corp. - August 25, 2026) - Stardust Solar Energy Inc. (TSXV: SUN) (OTCQB: SUNXF) (FSE: 6330) ("Stardust" or the "Company"), a North American renewable energy company focused on distributed energy, commercial solar, utility-scale development, and long-term renewable energy asset ownership, today announced that it has received final approval from the Ministry of Energy of the Government Republic of Zambia with the fully executed Implementation Agreement (IA) for its flagship 30 MW utility-scale solar photovoltaic project located in the Kalulushi District, Copperbelt Province.

The approval represents one of the final government milestones before construction can commence and marks another significant step in Stardust's strategy to develop, finance, own, and operate long-term renewable energy infrastructure assets that generate recurring revenues and sustainable shareholder value. The Ministry of Energy has confirmed Attorney General approval and the Implementation Agreement has been fully executed by the Ministry, Stardust, and the local Franchisee Megatricity Energy Limited. The Implementation Agreement establishes the legal framework between the Government of Zambia, Megatricity Energy Limited, and Stardust for the development, construction, commissioning, and long-term operation of the project.

Project Snapshot

Project	30 MW Utility-Scale Solar PV
Location	Kalulushi District, Copperbelt Province, Zambia
Status	Final Government Approval Received
Next Milestone	Strategic Project Financing & Construction
Preferred Structure	Combined Debt-Equity via SPV Structure
Strategic Objective	Long-Term Renewable Infrastructure Ownership

Over the past several months, Stardust and its local partner, Megatricity Energy Limited, have advanced the project through engineering, environmental studies, permitting, government approvals, land planning, procurement preparation, and detailed Engineering, Procurement and Construction (EPC) design. With the Implementation Agreement executed, project preparations complete, and construction planning finalized, the project is positioned to move directly into execution following financial close.

Mark Tadros, CEO of Stardust, commented: "Receiving final government approval to execute the Implementation Agreement marks the successful completion of one of the project's most significant regulatory milestones. Months of engineering, planning, and collaboration have positioned the project for execution. Our focus is now on completing project financing, mobilizing construction, and advancing what we expect will become the first cornerstone asset in Stardust's long-term renewable infrastructure portfolio."

The Company is currently engaged in advanced discussions with multiple highly qualified strategic and institutional investors, with additional investor interest continuing to build. Growing global demand for renewable infrastructure, artificial intelligence, electrification, and long-duration energy assets continues to increase investor interest in utility-scale projects capable of generating predictable, long-term cash flows.

Eamonn McHugh, COO of Stardust, added: "This milestone reflects the tremendous work completed by our teams and partners across engineering, government, utility coordination, and project development. The implementation framework is now in place, project preparations are complete, and we are actively engaged with several highly qualified strategic institutional investors. Once financing is finalized, we are ready to mobilize construction and begin delivering clean energy to Zambia's grid."

The Company's immediate priority is selecting the right financing partner and completing the capital structure required to commence construction. The Zambia project is expected to become the first utility-scale renewable energy asset within Stardust's long-term infrastructure ownership strategy and a cornerstone of its expanding international renewable energy platform. In addition to Zambia, Stardust continues to advance renewable energy opportunities across Mexico, the Caribbean, South America, and Africa, while expanding its North American commercial solar, distributed energy, lease-to-own financing, and renewable infrastructure platform.

As global electricity demand accelerates, driven by artificial intelligence, digital infrastructure, industrial electrification, and economic development, Stardust is positioning itself to capitalize on long-duration renewable infrastructure opportunities while building a diversified portfolio of recurring revenue-generating energy assets.

About Stardust Solar Energy Inc.

Stardust Solar Energy is a globally expanding renewable energy company supporting the installation, development, training, and deployment of residential, commercial, and utility-scale solar solutions across international markets. The Company operates a diversified solar royalty platform generating recurring revenue through franchise installation operations, accredited training and development licenses and subscriptions, and technology-driven innovation initiatives. Through formal engagement with governments, utilities, and commercial stakeholders, the Company is scaling renewable energy capacity worldwide.

Media and Investor Contacts:

Erica Bearss, MBA, DBA (c)
VP Corporate Communications
investors@stardustsolar.com
www.stardustsolar.com

Stardust Solar Energy Inc.
B101-9000 Bill Fox Way
Burnaby, BC V5J 5J3 Canada
732 S 6th St, STE N
Las Vegas, NV 89101 USA

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/311320

FAQ

What did Stardust Solar (SUNXF) announce on August 25, 2026 about its Zambia project?

Stardust Solar announced final government approval and a fully executed Implementation Agreement for its 30 MW utility-scale solar project in Zambia. According to Stardust, this is one of the last milestones before construction, positioning the project to proceed once financing is secured.

Where is Stardust Solar’s 30 MW SUNXF utility-scale solar project in Zambia located?

The 30 MW solar PV project is located in the Kalulushi District, Copperbelt Province, Zambia. According to Stardust, this flagship utility-scale project is intended as a cornerstone asset in its long-term renewable infrastructure ownership strategy and international platform expansion.

What stage is Stardust Solar’s 30 MW SUNXF Zambia solar project at now?

The project has received final approval from Zambia’s Ministry of Energy and has an executed Implementation Agreement. According to Stardust, engineering, environmental studies, permitting, and EPC design are complete, with the next milestone being strategic project financing and construction mobilization.

How does the Zambia 30 MW solar project fit into Stardust Solar’s SUNXF strategy?

The Zambia project is expected to become Stardust’s first utility-scale renewable asset within its long-term infrastructure ownership strategy. According to Stardust, it aims to build a diversified, recurring revenue portfolio across international markets, including Mexico, the Caribbean, South America, Africa, and North America.

Has Stardust Solar (SUNXF) secured financing for the 30 MW Zambia solar project?

Stardust has not yet finalized financing but is in advanced discussions with multiple strategic and institutional investors. According to Stardust, the preferred capital structure is a combined debt-equity SPV, and completion of financing is required before construction can commence.

Who are the key parties in Stardust Solar’s SUNXF Implementation Agreement for the Zambia project?

The Implementation Agreement is between the Government of Zambia’s Ministry of Energy, Stardust Solar, and local franchisee Megatricity Energy. According to Stardust, this agreement sets the legal framework for development, construction, commissioning, and long-term operation of the 30 MW solar project.