By BUUMBA CHIMBULU
COPPERBELT Energy Corporation PLC’s (CEC) US$200 million Green Bond attracted strong interest from both local and international investors, as it is awarded “Bond of the Year” at IJGlobal Awards 2024.
Issued in December 2023 through its subsidiary, CEC-Renewables, the Green Bond Medium-Term Note Programme was designed to finance renewable energy projects, with a primary focus on solar power.
Head Corporate Communications and Investor Relations, Verona Mwila Nkolola, said the bond attracted strong interest from both local and international investors.
Ms Nkolola pointed out that the first tranche of US$53.5 million was oversubscribed by 178 percent, while the second tranche of US$96.7 million was also oversubscribed by 230 percent.
“This overwhelming response reflects the growing confidence in both green bonds as a viable financing tool for the development of green projects and the company’s strategy,” she said.
The CEC Group continues to support the contry’s transition to sustainable energy through key solar projects, including the 34MWp Riverside Solar PV Project, commissioned in 2023, and the 60MWp Itimpi I Solar PV Project, which was commissioned in April 2024.
“The proceeds from the second Green Bond tranche are funding the development of the 136 MWp Itimpi II Solar PV Project. Collectively, these projects will add a total of 230 MW of renewable energy to Zambia’s electricity grid,” Ms Nkolola added.
The successful issuance of Zambia’s first Green Bond was made possible through collaboration with key partners, including Cygnum Capital, the lead arrangers for the bond, Stanbic Bank Zambia, the lead managers and underwriters of the Bond, Moira Mukuka Legal Practitioners, Bowmans and Trinity International as legal advisors, Lusaka Securities Exchange, and the Securities and Exchange Commission.
