CEC Renewables Reports Strong Half-Year Performance Amid Expansion Plans
CEC Renewables Limited has announced its unaudited results for the half-year ended 30 June 2025, highlighting operational stability, strategic progress, and resilience amid regional economic and climate-related challenges.
The company’s 94 MW solar photovoltaic (PV) portfolio, comprising the 60 MW Itimpi and 34 MW Riverside plants, achieved a high availability rate of 99.9%, generating 80.75 GWh in H1 2025 — a 32% increase compared to the same period in 2024.
The improvement was supported by investment in semi-automated module cleaning systems, which kept soiling losses below 5% and boosted the average performance ratio from 83% to 88%. Despite a 12% reduction in solar irradiation due to increased cloud cover in March, May, and June, the plants maintained strong operational output.
Hilton Fulele, Assets Manager, emphasised the company’s contribution to Zambia’s energy transition and sustainability agenda. “Our operational performance continues to support national energy goals, while avoiding an estimated 26,972 tonnes of carbon equivalent emissions in the first half of 2025. Safety remains paramount, with no lost-time injuries reported this period,” he said.
Financially, CEC Renewables recorded revenue of USD 4.657 million, a 35% increase from USD 3.438 million in H1 2024. Profit rose to USD 0.671 million, up 236% from USD 0.200 million, reflecting higher revenue and interest income earned on cash reserves earmarked for the Itimpi expansion. Capital expenditure for the period reached USD 42.075 million, compared to USD 6.609 million in 2024, reflecting continued investment in renewable energy generation.
The company’s cash balance stood at USD 91.761 million, while net debt rose 39% to USD 58.505 million, driven by long-term financing for the Itimpi expansion project. No dividend was declared during the period.
Looking ahead, CEC Renewables is focused on the timely completion of the 136 MW expansion of the Itimpi plant, scheduled for commissioning in Q1 2026. The expansion is expected to increase generation by 273 GWh per annum, further strengthening the company’s contribution to sustainable energy in Zambia.
Eric M. Hanziba, Company Secretary, noted that forward-looking statements in the results announcement are subject to risks and uncertainties. “While we believe these expectations are reasonable, actual results may differ materially due to known and unknown factors,” he said.
CEC Renewables Limited, a wholly owned subsidiary of CEC PLC, was incorporated on 28 October 2022 to scale up renewable energy deployment across the Zambian grid. Its principal activity is renewable energy generation, with current operations including the Riverside and Itimpi solar plants and the ongoing Itimpi expansion.
