CEC Renewables, a subsidiary of Copperbelt Energy Corporation Plc (CEC), has launched its second Green Bond tranche, valued at US$96.7 million.
Coming one year after the inaugural US$53 million tranche in 2023, CEC considers this financing strategy as underscoring its continued focus on sustainable energy solutions to address Zambia’s growing power needs.
“At CEC, we are committed to accelerating the development of solar energy. This second tranche is a significant milestone in our broader strategy to deliver clean, reliable power,” said Owen Silavwe, the Managing Director.
Silavwe said the funds raised would support the development of the second phase of the Itimpi Solar PV Plant, which will add 136MW to CEC Renewables’ portfolio.
This expansion would increase the company’s total solar capacity to 236MW.
He noted the urgency of adopting sustainable solutions to address energy challenges achieving energy security and sustainability.
The issuance was led by Cygnum Capital as the arranger, with Stanbic Bank Zambia serving as lead manager and underwriter.
Other key bond investors include ZCCM Investments Holdings Plc, FMO (the Dutch entrepreneurial development bank), the African Local Currency Bond Fund, and the Emerging Africa and Asia Infrastructure Fund Limited (EAAIF).
James Doree of Cygnum Capital praised the program, noting that “CEC is a pioneer in Africa’s green financing landscape, demonstrating how to unite regional and international investors to fund transformative renewable energy projects.”
Phase two of the Itimpi Solar PV Plant is set for commissioning in 2025.
CEC Renewables’ existing solar plants, funded through the 2023 Green Bond, currently generate 94MW and have supplied 166,079MWh to key industrial clients in Zambia and the Democratic Republic of Congo.
