• Copperbelt Energy Corporation (CEC) Renewables secures USD 97 million in its second green bond issuance.
• The new funding will help expand the Itimpi Solar PV Plant, adding 136 MW of solar capacity and bringing CEC’s total solar generation to 236 MW by 2025.
• The bond issuance saw strong backing from investors like FMO, the ALCB Fund, and Stanbic Bank Zambia.

Copperbelt Energy Corporation (CEC) Renewables, a subsidiary of Zambia’s Copperbelt Energy Corporation, has successfully raised USD 97 million through its second green bond issuance, continuing its commitment to renewable energy development in the region.

This follows a successful first tranche in 2023, where CEC raised USD 53 million to finance two solar plants capable of producing 94 MW of power.

New Funding to Support Itimpi Solar PV Plant Expansion

The new funding will be used to support the second phase of the Itimpi Solar PV Plant project, which aims to add 136 MW of additional solar capacity.

This will also significantly boost CEC’s renewable energy output, bringing the company’s total solar generation capacity to 236 MW by 2025.

Moreover, the initiative aligns with Zambia’s broader goals to increase its renewable energy production and reduce its dependence on non-renewable sources, further advancing the country’s sustainability agenda.

Strong Investor Support and Regional Impact

The bond issuance was arranged by Cygnum Capital, with Stanbic Bank Zambia serving as the underwriter.

It also received backing from major investors such as FMO, the ALCB Fund, ZCCM-IH, and the Eastern and Southern African Trade and Development Bank (EAAIF). That is demonstrating strong investor confidence in the project.

Solar Plants Contributing to Zambia and DRC Power Supply

The two solar plants financed by the initial bond issuance have already made a significant impact on Zambia’s power grid. As it is injecting over 166,000 MWh of energy since commissioning.

Furthermore, this energy is not only serving Zambia but also contributing to the electricity supply in the Democratic Republic of the Congo (DRC). It is highlighting the cross-border benefits of the renewable energy initiative.

Commitment to Africa’s Clean Energy Future

The success of this second green bond issuance marks an important milestone for CEC Renewables. This is underscoring its commitment to contributing to Africa’s clean energy future and supporting regional economic growth through sustainable energy solutions.