CEC Renewables issues $96.7m green bond

By Ruth Chayinda

CEC Renewables, a subsidiary of Copperbelt Energy Corporation -CEC- is aiming to raise 96.7 million US dollars from its second green bond that will help finance the Itimpi Solar PV Plant.

The company has issued its second Green Bond tranche, valued at 96.7 million US dollars a year after issuing its first bond tranche valued at 53 million dollars in 2023.

CEC Board Chairperson LONDON MWAFULILWA says the proceeds from the second tranche will finance the second phase of CEC Renewables’ Itimpi Solar PV Plant, which is expected to contribute 136 Megawatts.

Mr. MWAFULILWA says this will bring CEC Renewables’ total solar generation capacity to 236 Megawatts.

He says the company’s ambition is to achieve a combined solar generation capacity of 250 megawatts by 2025.

And Acting Energy Permanent Secretary MWAPE CHIPALA commended CEC Renewables for the innovative financing adapted to help the country address the power energy deficit.

And speaking during the green bond announcement, LUSE Chief Executive Officer NICHOLAS KABASO and Securities Exchange Commission Chief Executive Officer PHILIP CHITALU said the bonds are mechanisms that will allow companies to raise large sums of capital.

And CEC Managing Director OWEN SILAVWE said since 2022 the company has been generating 94 megawatts which is contributing energy to the mines and other industries.