Cygnum Capital acts as lead arranger for Copperbelt Energy's Green Bond, a first for Zambia's capital markets

5th December 2023, United Arab Emirates – Copperbelt Energy Corporation (CEC) has announced the registration of its green bond with the Securities and Exchange Commission on the sidelines of the COP 28 Climate Summit. This registration of the Green Bond is a first for Zambia’s capital markets and is expected to attract more green finance in the country.

Speaking at the announcement during the Climate Summit CEC Managing Director and CEO Mr Owen Silavwe said we are pleased to announce the registration of our US$200million Green Bond, structured as a programme, whose proceeds will accelerate the actualisation of our ambitions to generate at least 200MW of renewable energy and specifically solar energy with possible storage implementation.

TheUS$200 million bond programme has its first tranche of US$54 million closing by the end of the year.

“We are proud to have been the lead arrangers for CECs green bond”, said James Doree (Cygnum Capital representative). “It demonstrates how the combination of a strong sponsor; a transparent policy framework and supportive anchor investor can drive private sector solutions to the green energy transition.

“We are thrilled to be the cornerstone investor to the first Zambian green bond programme” said Paromita Chatterjee (representative of the Emerging Africa Investment Fund, a Private Infrastructure Development Group (PIDG) company). We are confident that this avenue of financing will complement the traditional financing options to fast-track energy transition.

“Our partnership with the sponsor has made it possible to actualise the ingenious financing” said Theuns Ehlers, head of project finance at Absa Group. “Having a sponsor with strong operational and financial capabilities has helped the structuring and bankability of a private to private project finance bond raise therefore,we are very proud to be associated with this transaction.”    

Speaking at the announcement Securities and Exchange Commission, Director - Enforcement and Legal Services, Diana Sichone said “the announcement of the registration of the green bond is a positive development for our capital markets. We anticipate that it will catalyse the listing of more green bonds as a means of capital raising for green initiatives and contribute towards deepening capital in our country”.

The proceeds from the bond, will be deployed towards further solar generation investments within the CEC Group through CEC Renewables. CEC Renewables is an investment vehicle established by the CEC Group, through which renewable energy development is actualised.

“We began our renewable energy journey, particularly in solar generation 5 years ago and our announcement today is an affirmation of our commitment to support Zambia’s green energy transition”. Said Mr Silavwe.

The Bond will open and close within December 2023. ENDS.

For more information,contact: Copperbelt Energy Corporation Plc (CEC) Email:


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