Pursuant to Section 3.4(a) of the Lusaka Securities Exchange Listings Requirements (“LuSE Listings Requirements”), the Board of Directors of Copperbelt Energy Corporation Plc (“CEC” or “the Company”) wishes to inform shareholders and the market that the Company has signed an Engineering, Procurement and Construction (EPC) contract worth USD19.2 million with Sinohydro Corporation Zambia Limited for the expansion of its 1Megawatt (MW) Riverside Solar PV Plant located in Kitwe to 34MW.
Upon completion, expected in November 2022, the Company’s solar energy generating capacity will increase to 34MW with average annual energy output of 56.5GWh. The project is part of CEC’s broader renewables agenda, enabling it to contribute to the global energy transition and the country’s efforts to diversify its power sources and make available reliable, sustainable and affordable electricity.
The Company’s Managing Director, Mr. Owen Silavwe, said “CEC will continue to pursue projects that expand its value offering and that this bold and important step towards expansion of its solar generating capacity reaffirms its strategic intent and focus to grow the business sustainably. Put together, the steps we are taking today to add solar energy to our portfolio will prove accretive to the key financial metrics of the Company in the medium to long term.”
The project will utilise CEC’s existing land in Kitwe’s Riverside area. The plant will occupy 30.9 hectares of land on which will sit 61,320 solar modules, each rated 540Wp. The entire output from the plant will be evacuated into the CEC grid. Through this project, the Company will contribute to the development of the city of Kitwe and the wide Zambian economy.
By Order of the Board
Julia C Z Chaila
Issued in Lusaka, Zambia on 19 November 2021
First Issued on 19 November 2021