ZCCM-IH Invests $10M in CEC Renewables Limited’s Green Bond to Support Zambia’s Renewable Energy Growth
ZCCM Investments Holdings PLC (ZCCM-IH) has announced its participation in the second tranche of CEC Renewables Limited’s (CEC-R) Green Bond issuance, with a USD 10 million (approximately ZMW 275 million) subscription.
This move highlights ZCCM-IH’s commitment to sustainable energy development and the growth of Zambia’s capital market.
The second tranche of the bond raised a total of USD 96.7 million, which will fund the expansion of the 60MW Itimpi-1 solar photovoltaic (PV) plant into the 136MW Itimpi-2 project. This project aims to address Zambia’s ongoing energy crisis by increasing the country’s renewable energy capacity.
Dr. Ndoba Vibetti, CEO of ZCCM-IH, emphasized the significance of this investment: “Our mission is to create tangible wealth sustainably for the benefit of the Zambian people and all our stakeholders.
This bond, which finances the development of solar PV projects, aligns with our strategic focus on growing our footprint in energy, particularly during the ongoing energy crisis in Zambia, while also reducing our overall carbon footprint.”
The bond issuance is in line with ZCCM-IH’s 2023-2026 strategic plan, which prioritizes investments in the mining and energy sectors. By participating in this green bond, ZCCM-IH aims to diversify its investment portfolio and enhance its returns, while contributing to Zambia’s transition to renewable energy.
The CEC-R green bond issuance adheres to the ICMA Green Bond Principles, ensuring transparency and sustainable impact. The bond was privately placed and is now listed on the Lusaka Securities Exchange (LuSE), further supporting the development of Zambia’s capital market.
