African Development Bank approves proposed investment in CEC Group

The Copperbelt Energy Corporation Plc (CEC) is seeking co-investors in its wholly owned subsidiary, CEC Africa Investments Limited (CECA), the platform through which the CEC Group invests in energy infrastructure assets across Sub-Saharan Africa.

Resulting from this process, the board of the African Development Bank (AfDB) on 29 April, 2015 approved a proposed investment of US$50 million in CECA. The approval does not immediately translate into an agreement for funding and any transaction that may arise from this board approval is subject to the parties satisfying the relevant conditions and approvals being granted.

The CEC Group is an indigenous African power infrastructure developer, currently with operations and projects in development in Nigeria, Sierra Leone, Namibia and Zambia.