DEALS

Greening Africa’s
Debt Capital Markets

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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.

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