Stardust Solar Energy Positions for Construction Launch in Zambia Following Major Development Progress

Rhea-AI Summary

Stardust Solar Energy (OTCQB: SUNXF) reports major development progress on its planned 30 MW utility-scale solar project in Zambia, including a 20-year PPA, land acquisition, and completion of key technical and environmental studies. Initial engineering and procurement are nearly complete, and vendor selection is in its final stage.

The company expects to begin construction for the initial phase within three to four weeks and cites approximately $90 million of total contracted revenue potential under the PPA.

Positive

• 30 MW utility-scale project advanced to construction-ready stage
• Execution of a 20-year PPA with national utility partner
• Completed core studies: GIS, TS, GIR, EPB and initial engineering
• $90M approximate contracted revenue potential under the PPA

Negative

• Construction has not yet commenced; vendor engagement still pending
• PPA revenue figure described as potential, not yet realized

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Vancouver, British Columbia--(Newsfile Corp. - May 5, 2026) - Stardust Solar Energy Inc. (TSXV: SUN) (OTCQB: SUNXF) (FSE: 6330) ("Stardust Solar" or the "Company"), a globally expanding renewable energy company focused on scalable, recurring revenue, provides a development update on its Zambia utility-scale solar project, reflecting strong operational execution and substantial advancement across key development stages.

Since initiating the project, the Company has advanced its planned 30 MW utility-scale solar development through a phased approach across funding, due diligence, planning, and procurement with a disciplined, capital-efficient strategy. This has resulted in the completion of a 20-year Power Purchase Agreement, land acquisition, and key technical studies required for development. With initial engineering completed and procurement nearing completion, the project has progressed through the majority of its early-stage lifecycle and is now positioned to transition into construction.

With the project well advanced, the Company has entered the final stage of vendor selection and expects to engage construction for the initial phase within the next three to four weeks, marking a key step toward execution and value realization. To date, Stardust Solar Energy has completed the foundational development work required to support construction. Core development activities completed:

• Execution of a long-term Power Purchase Agreement (PPA) with a national utility partner
• Securing land to support project development
• Completion of a Grid Impact Study (GIS)
• Completion of a Topographical Survey (TS)
• Completion of a Geotechnical Investigation Report (GIR)
• Completion of an Environmental Project Brief (EPB)
• Completion of initial engineered design for the first stage of development

These activities collectively establish a de-risked platform for construction and reflect strong outcomes across commercial, technical, and environmental workstreams. With the Request for Proposal (RFP) process completed, the Company is finalizing vendor engagement and expects to announce selected partners in the coming weeks as the project moves toward construction.

The Zambia project is a cornerstone of Stardust Solar's utility-scale strategy, structured to generate stable, long-term revenue through a capital-efficient model. Supported by a 20-year PPA representing approximately ~$90 million in total contracted revenue potential, the project is positioned to contribute predictable, recurring cash flow over time, with the potential to deliver high-margin, long-duration EBITDA as the asset transitions into operation. For investors, this project reflects the Company's broader strategy in action: advancing high-quality assets through disciplined execution, systematically reducing development risk, and positioning them to deliver long-duration, contracted revenue streams.

Stardust Solar is entering the next phase of execution from a position of strength and expects to provide further updates as construction milestones are achieved.

About Stardust Solar Energy Inc.

Stardust Solar Energy Inc. 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
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295968

FAQ

What is Stardust Solar's timeline to start construction for the Zambia 30 MW project (SUNXF)?

Construction is expected to begin within three to four weeks. According to Stardust Solar, vendor selection is in its final stage and procurement is nearing completion, with selected partners to be announced in the coming weeks as the project moves to execution.

How much contracted revenue does the Zambia project represent for Stardust Solar (SUNXF)?

The project represents approximately $90 million in contracted revenue potential. According to Stardust Solar, that figure reflects total contracted revenue under the 20-year PPA, described as an approximate, project-level revenue potential over the contract term.

What development milestones has Stardust Solar completed for the Zambia solar project (SUNXF)?

The company completed a 20-year PPA, land acquisition, and key technical studies. According to Stardust Solar, completed work includes a Grid Impact Study, topographical survey, geotechnical report, environmental brief, and initial engineered design for phase one.

Will the Zambia project produce recurring revenue for Stardust Solar (SUNXF)?

Yes; the project is structured for long-term contracted revenue under a 20-year PPA. According to Stardust Solar, the PPA is intended to provide stable, predictable cash flow and potential long-duration EBITDA once the asset is operational.

What remaining steps must Stardust Solar complete before Zambia construction begins (SUNXF)?

Final vendor engagement and contract awards are pending before groundworks commence. According to Stardust Solar, the RFP process is complete and the company expects to announce selected construction partners in the coming weeks.