DEALS Greening Africa’s Debt Capital Markets Absa | Corporate and Investment Banking > Insights and Events > Greening Africa’s Debt Capital Markets SHARE We are pleased to have acted as a Bond Investor for CEC-R’s inaugural USD 200m green bond in the Zambian Debt Capital Markets. Copperbelt Energy Corporation Plc (CEC) is a Zambian power generation, transmission, distribution, and supply company, operating in the Copperbelt Province of Zambia and the Katanga region of the Democratic Republic of Congo (DRC). CEC is a major supplier of power to the mining industry in the region and is a member of the Southern African Power Pool, a pioneering international power trader in Southern Africa the company is publicly traded on the Lusaka Securities Exchange with more than 5,000 investors. CEC-R is a 100% subsidiary of CEC PLC mandated to develop renewable assets. The company has in operation the Riverside solar PV plant (34MW) and currently under construction is its 60 MW Itimpi solar PV plant scheduled for commissioning in early 2024. This issuance was Zambia’s first non-recourse project bond and the first to be issued locally under the ICMA Green Bond Principles . The issuance proceeds will be utilised for additional investments in solar generation and associated transmission infrastructure, in line with CEC’s strategy. Successful issuance of this bond means diversification of energy sources in Zambia and the Democratic Republic of Congo, creation of jobs in the communities surrounding the solar farms and reduction of emissions. Participation in this deal is a clear demonstration of Absa’s commitment to developing capital markets across the continent and assisting our clients to achieve their ESG goals. The strength of the relationships with both the arranger and advisor (Cygnum Capital) and CEC was instrumental in achieving a successful outcome for this bond, and we are proud to have played our part. Contact Nikhil Kasiram for more information https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles DEALS Powering Africa’s digital future through connectivity We are pleased to have served as sole transaction coordinator in the successful financing of Vodacom's R11 billion preference share facility used to refinance the acquisition of a controlling stake in Vodafone Egypt. This strategic transaction signals a significant milestone, not only for Vodacom but also for the broader telecommunications and financial services landscape in Africa. The transaction represents the largest syndicated preference share facility closed to date in the South African market. Read more DEALS Unlocking Africa’s Trade Potential We are proud to announce our partnership with British International Investment, a collaborative effort aimed at addressing Africa's significant trade finance gap. Read more DEALS Reviving Africa’s Trade Finance, Demands Bold DFI-Bank Partnerships A Nigerian manufacturer, eager to tap into new markets across West Africa, secures buyers in Côte d'Ivoire and Ghana. Yet, despite the strength of these opportunities, the company encounters a formidable roadblock: the inability to access the requisite trade finance to execute its cross-border deals. Read more