CEC Issues $97M Green Bond for Solar Expansion in Zambia
TLDR
- Copperbelt Energy Corporation (CEC) Renewables, a subsidiary of Zambia’s CEC, has raised $97 million through its second green bond issuance.
- This follows the $53 million first tranche in 2023, which financed two solar plants producing 94 MW.
- The proceeds will fund the second phase of the Itimpi Solar PV Plant.
Copperbelt Energy Corporation (CEC) Renewables, a subsidiary of Zambia’s CEC, has raised $97 million through its second green bond issuance. This follows the $53 million first tranche in 2023, which financed two solar plants producing 94 MW.
The proceeds will fund the second phase of the Itimpi Solar PV Plant, adding 136 MW of capacity and bringing CEC’s total solar generation to 236 MW by 2025.
The issuance, arranged by Cygnum Capital and underwritten by Stanbic Bank Zambia, saw participation from key stakeholders, including FMO, the ALCB Fund, ZCCM-IH, and EAAIF. Since commissioning, these plants have injected over 166,000 MWh into the grid, supplying power to Zambia and the DRC.
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Key Takeaways
CEC’s green bond program is a template for mobilizing local and international investment in renewable energy. The Itimpi project aligns with Zambia’s sustainability goals, addressing energy shortages while supporting industrial and economic growth. With $150 million raised to date, CEC plans further tranches to reach its $200 million target, reinforcing its leadership in Zambia’s renewable energy transition.
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