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The Copperbelt Energy Corporation (CEC) has announced plans to start construction of the second phase of the 126 megawatt Itimpi solar project this year.
This would be funded through the issuance of further tranches under its US$200 million Green Bond.
The first tranche equivalent to US$53.5 million of the Green Bond issued last year was overly subscribed, a position which gave impetus to the company’s future fundraising plans.
This is according to the consolidated audited results for the financial year ended December 2023 posted on the Lusaka Securities Exchange (LuSE).
The company’s Managing Director, Owen Silavwe, said this was in support of the attainment of its generation target of 200 megawatts (MW) of solar Photovoltaics (PV) by end 2025.
Read more: Capital market gets boost, as CEC’s US$54 million green bond fully subscribed
Last year, the company registered with the Securities and Exchange Commission (SEC) and listed on LuSE, Zambia’s debut US$200 million Green Bond whose proceeds would partly be directed towards the refinancing of the two solar PV projects.
“In pursuit of the energy transition agenda with the aim of enhancing sustainable power sourcing, we commissioned our 34MW Riverside Solar PV plant and made significant progress in the construction of the first phase 60 MW Itimpi Solar PV Plant, with completion expected in the first half of 2024.
“We will be commencing the construction of the second phase 126 MW Itimpi Solar PV project in 2024. This will be funded through issuance of further tranches under the Green Bond,” Silavwe said.
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