CEC Renewables Reports Record Growth and Strategic Expansion in 2024
CEC Renewables has recorded a remarkable financial and operational performance in 2024, with revenue surging by over 240% to reach US$ 8.66 million, up from US$ 2.53 million in 2023. The company also reported an impressive EBITDA growth of 228%, despite challenges in the energy sector caused by drought-induced power shortages.
Board Chairperson Owen Silavwe, in the company’s 2024 Annual Report, reaffirmed CEC Renewables’ commitment to leading the renewable energy transition through sustainable investments.
He highlighted the successful commissioning of the 60 MW Itimpi Phase 1 Solar PV Plant in April 2024, which generated 95.3 GWh of renewable energy, significantly bolstering Zambia and the Southern African region’s energy supply.
CEC Renewables aims to expand its renewable energy footprint, targeting 200 MW generation capacity by 2025. The Board has approved a 136 MW expansion of the Itimpi Solar PV Project, which will bring the company’s total capacity to 230 MW upon completion.
To fund this expansion, the company secured US$ 96.72 million through the issuance of its second Green Bond, bringing total funds raised under its US$ 200 million Medium Term Note Programme to US$ 150.27 million.
“The confidence investors have in our vision and our ability to deliver sustainable value is evident in the success of our Green Bond programme,” said Silavwe.
The company further reinforced its leadership by appointing three Independent Non-Executive Directors to its Board: Ms. Banja Mkwanazi, Ms. Faith Mukutu, and Ms. Mukabanji Mutanuka. These appointments enhance the Board’s expertise while advancing CEC Renewables’ commitment to diversity, achieving 50% female representation.
Silavwe expressed gratitude to the management team, staff, and stakeholders for their dedication and support, stating that the company remains steadfast in its mission to drive sustainable energy solutions. As the company moves forward, its strategic developments position it as a leader in Zambia’s renewable energy sector, contributing to regional decarbonisation goals and energy security.
CEC Renewables continues to play a crucial role in the CEC Group’s clean energy ambitions, with its ongoing projects set to shape the future of the energy landscape in Zambia and beyond.
