CEC Plc to divest from Sierra Leone IPP
Copperbelt Energy Corporation Plc (CEC Plc), through its wholly owned subsidiary, CEC Africa Investments Limited (CEC Africa), has been developing an independent power generation project (“CEC Africa SL” or “the Project”) in Freetown, Sierra Leone. Once constructed, the Project will be one of the largest private sector investments in Sierra Leone to date.
Located in the Kissy Dock area, approximately 4km east of the centre of Freetown, the Project is intended to be built over 3 phases; beginning with 50MW then 39MW each for both the second and third phases.
CEC Africa with its consortium partner in the project, Abu Dhabi-based energy company TCQ Power Ltd, has entered a conditional agreement with the Project lenders to divest from the project upon reaching financial close. The lenders include the International Finance Cooperation (IFC), the African Development Bank, CDC Group (the United Kingdom’s development finance institution), Emerging Africa Infrastructure Fund, and FMO (the Dutch development bank).
CEC Plc remains convinced of the attractiveness of the Sierra Leone project, both commercially and in terms of its developmental impact. It has, however, made a strategic decision to sell its interest in the project to focus resources on other parts of its portfolio and has made certain to identify a competent and well regarded developer, with presence in many markets in Africa, to take up its interest upon exiting.
Shareholders of CEC Plc are accordingly advised to exercise caution when dealing in securities of the Company until further information is published.
By Order of the Board
Julia C Z Chaila (Mrs.)
Company Secretary
Issued in Lusaka on 29 November 2016
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First Issued on 29 November 2016
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