CEC’s Green Bond Wins “Bond of the Year“ Award at IJGlobal Awards 2024
March 14, 2025, Lusaka, Zambia – Copperbelt Energy Corporation PLC (CEC) is proud to announce that its US$200 million Green Bond has been awarded ‘Bond of the Year’ at the IJGlobal Awards 2024.
Issued in December 2023 through its subsidiary, CEC-Renewables, the Green Bond Medium-Term Note Programme was designed to finance renewable energy projects, with a primary focus on solar power.
The bond attracted strong interest from both local and international investors, with the first tranche of US$53.5 million oversubscribed by 178%, and the second tranche of US$96.7 million oversubscribed by 230%. This overwhelming response reflects the growing confidence in both green bonds as a viable financing tool for the development of green projects and the company’s strategy.
The CEC Group continues to support Zambia’s transition to sustainable energy through key solar projects, including the 34MWp Riverside Solar PV Project, commissioned in 2023, and the 60MWp Itimpi I Solar PV Project, which was commissioned in April 2024.
The proceeds from the second Green Bond tranche are funding the development of the 136 MWp Itimpi II Solar PV Project. Collectively, these projects will add a total of 230 MW of renewable energy to Zambia’s electricity grid.
The successful issuance of Zambia’s first Green Bond was made possible through collaboration with key partners, including Cygnum Capital, the lead arrangers for the bond, Stanbic Bank Zambia, the lead managers and underwriters of the Bond, Moira Mukuka Legal Practitioners, Bowmans and Trinity International as legal advisors, Lusaka Securities Exchange, and the Securities and Exchange Commission.
For more information on the CEC Renewables Green Bond, visit https://cecinvestor.com/green-bond/
You can also reach out to:
Verona Mwila Nkolola
Head Corporate Communications and Investor Relations
Email: [email protected]
About CEC Renewables
CEC Renewables Limited is a wholly owned subsidiary of CEC PLC, incorporated on 28th October 2022, as a platform for renewable energy expansion, designed to scale up the deployment of renewable energy across the Zambian grid.
The Company’s principal activity is renewable energy generation. CEC Renewables has an installed capacity of 94MW of Photovoltaic (PV) solar power generated from its 34 MW Plant in Riverside, Kitwe, and 60 MW Plant in Itimpi, Kitwe.
About CEC Plc
CEC is a Zambian-incorporated power transmission, generation, distribution, and supply company, as well as a major developer of energy infrastructure operating in Zambia and the Democratic Republic of Congo (DRC).
The Company owns and operates robust power infrastructure designed to ensure consistent uptime and reliable supply to its customers.
