Date:
June 18, 2024
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CEC Renewables releases the 2023 Green Bond Annual Impact Report

Kitwe, Zambia – May 24, 2024 – CEC Renewables is pleased to announce the release of the 2023 Green Bond Annual Impact Report, assured by auditors PricewaterhouseCoopers (PwC).

The report highlights CEC Renewables’ approach to sustainability and the environmental impact of the eligible green assets funded with proceeds of the Green Bond. In 2023, CEC Renewables announced its green bond program, successfully issuing and listing a $200 million green bond. The proceeds from the initial tranche of $53.5 million have been dedicated to the development of its renewable energy generation portfolio with the aim to generate approximately 300MW of renewable energy over the next five years.

Key highlights from the 2023 Green Bond Annual Impact Report include:

  • Details of the Green Bond Asset Portfolio.
  • Sustainability Commitment: Adoption of the ICMA Green Bond Principles and alignment with the EU Taxonomy to ensure the transparency, integrity, and environmental impact of the green bond investments.
  • Economic and Social Impact: Creation of over 1,900 jobs during the construction phase of the projects and over 80 permanent positions upon completion, contributing significantly to local community development and economic resilience.
  • Application of the Green Bond proceeds.

“CEC Renewables is at the forefront of transforming Zambia’s energy landscape,” said Hilton Fulele, Assets Manager-Business Expansion Projects CEC Renewables. “Our green bond program not only supports our sustainability goals but also ensures that we contribute to the broader global effort to combat climate change. We are proud of the progress made and remain committed to delivering impactful and sustainable energy solutions.”

The 2023 Green Bond Annual Impact Report is available for download on the CEC Investor Relations website at https://cecinvestor.com/green-bond/.

About CEC Renewables: CEC Renewables Limited was established in October 2022 under the Companies Act, serving as a pivotal platform for advancing renewable energy initiatives. With a primary objective to enhance renewable energy deployment throughout the Zambian grid, the company operates as a wholly owned subsidiary of Copperbelt Energy Corporation PLC, entrusted with the strategic development of renewable assets. Currently, CEC Renewables Limited proudly operates two key solar projects: the 34 MW Riverside Solar PV Plant and the 60 MW Itimpi Solar PV Plant, both contributing significantly to sustainable energy generation in the region. These initiatives reflect commitment to fostering a cleaner, greener future while upholding the highest standards of professionalism and expertise in the renewable energy sector.

About Copperbelt Energy Corporation Plc: Copperbelt Energy Corporation Plc is a leading power transmission and distribution company in Zambia, providing innovative and sustainable energy solutions. Through its subsidiary, CEC Renewables Limited, the company is committed to enhancing Zambia’s renewable energy capacity and promoting environmental sustainability.

For media inquiries, please contact:
Laura Mushaukwa Hamusute
Senior Manager Corporate Communications and Investor Relations
Phone: +260766707710
Email: [email protected]


CEC Renewables 2023 Green Bond Annual Impact Report.pdf

about CEC

Copperbelt Energy Corporation is a Zambian-based power infrastructure solutions provider. It supplies reliable, cost-effective power to industrial, commercial, and residential customers across sub-Saharan Africa.

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