CEC Renewables Reports Exceptional Growth and Financial Milestones in Annual Report
CEC Renewables has released its second annual report, covering the period from January 1st, 2023 to December 31st, 2023, highlighting significant achievements and milestones, showcasing the company’s dedication to driving the green transition agenda in Zambia.
One of the notable accomplishments of the year was the completion of the Renewable Solar Project (RSP) with a total plant capacity of 34 MW. This project, recognized for its technical expertise and commercial excellence, stands as one of the largest solar power plants in the country.
Additionally, CEC Renewables made substantial progress towards completing the construction of the Independent Solar Power (ISP) project, expected to have a capacity of 60 MW upon completion in the first quarter of 2024.
Under the leadership of Chairman Owen Silavwe, the company established a dedicated management team to oversee daily operations and implement strategic vision. This move reflects CEC Renewables’ commitment to operational excellence and efficiency.
Moreover, the company registered a USD 200 million Green Bond with the Securities and Exchange Commission (SEC), signaling its dedication to international standards for green finance.
The issuance of the Green Bond will enable CEC Renewables to raise funds for future projects and expand financing options, further solidifying its position as a leader in sustainable energy infrastructure development.
Financially, CEC Renewables reported revenues of USD 2.53 million, achieving good performance in key financial indicators despite challenges such as initial power evacuation infrastructure constraints and higher-than-anticipated soiling levels.
The company recorded a profit before tax of USD 0.48 million, demonstrating resilience and adaptability in the face of operational challenges.
In terms of financing, CEC Renewables successfully secured a USD 53.54 million debt financing through Zambia’s first Green Bond, facilitating the refinancing of previous loans and financing ongoing projects. This financial reorganization has positioned the company for future growth and expansion opportunities.
Looking ahead, CEC Renewables remains optimistic about its prospects for growth and contribution to Zambia’s energy diversification efforts. With the completion of the ISP Phase-1 expected to significantly increase energy generation capacity, the company is well-positioned to capitalize on emerging opportunities in the renewable energy sector.
Chairman Owen Silavwe expressed satisfaction with the company’s performance and extended appreciation to the Board, management team, and employees for their dedication and hard work.
He emphasized the importance of collaboration and operational excellence in achieving milestones such as the registration of Zambia’s first-ever Green Bond.
