ZCCM-IH Invests $10M in CEC Renewables’ Green Bond to Boost Zambia’s Energy Transition
ZCCM Investments Holdings PLC (ZCCM-IH) has announced its participation in the second tranche of the CEC Renewables Limited Green Bond with a substantial $10 million (ZMW275 million) subscription. This tranche aims to raise $96.7 million to fund the 136MW Itimpi-2 solar project, an expansion of the existing 60MW Itimpi-1 solar PV plant.
Speaking on the investment, Dr. Ndoba Vibetti, ZCCM-IH CEO, emphasized the alignment of this venture with the company’s sustainability mission. “Our mission is to create tangible wealth sustainably for the benefit of the Zambian people and stakeholders. This green bond financing solar projects supports that mission while helping to address the ongoing energy crisis and reduce our carbon footprint,” he said.
The participation in the green bond reflects ZCCM-IH’s commitment to diversifying its portfolio and enhancing returns under its 2023-2026 strategic plan, which prioritizes investments in mining and energy. Additionally, the move emphasizes the company’s dedication to advancing Zambia’s local capital markets.
The CEC Renewables Green Bond, registered in December 2023 under a 15-year Medium Term Note Programme, is Zambia’s first of its kind. With a total value of $200 million, it supports renewable energy projects aimed at generating over 200MW, primarily through solar power. The first tranche, raising $54 million, financed the 60MW Itimpi-1 solar plant commissioned in April 2024.
Privately placed and listed on the Lusaka Securities Exchange (LuSE), the bond adheres to ICMA Green Bond Principles, attracting significant interest from local investors.
ZCCM-IH’s investment solidifies its role in fostering sustainable energy solutions, contributing to Zambia’s energy security, and promoting green economic growth.
