CEC Renewables: Second Annual Report Highlights Achievements and Growth Outlook
In a recent update, CEC Renewables has shared its second annual report, covering the period from January 1, 2023, to December 31, 2023.
This report showcases a year of remarkable achievements and outlines the company’s strategies for future growth in Zambia’s renewable energy sector.
Key highlights from the report include the completion of the RSP project with a capacity of 34 MW, positioning it as one of the largest solar power plants in the country.
Additionally, CEC Renewables established a dedicated management team and registered a USD 200 million Green Bond with the SEC, demonstrating its commitment to environmentally friendly financing and sustainable energy solutions.
The report also emphasizes significant progress made towards completing the ISP project, expected to have a capacity of 60 MW upon commissioning in the first quarter of 2024.
This project will contribute significantly to the company’s clean energy portfolio and support Zambia’s national decarbonization efforts.
Despite challenges such as power evacuation infrastructure constraints and soiling levels affecting energy generation, CEC Renewables generated 46.6 GWh of electricity in 2023.
The company recorded revenues of USD 2.53 million, with a profit before tax of USD 0.48 million, showcasing its resilience and financial stability.
Financing-wise, CEC Renewables utilized a USD 70 million shareholder loan facility for project development, with additional financing secured through Zambia’s first Green Bond program.
This financing enabled the company to refinance existing loans and fund ongoing projects, including the ISP Phase-1 and planned Phase-2 developments.
Looking ahead, CEC Renewables remains optimistic about future growth opportunities, buoyed by a supportive regulatory environment and the expanding solar industry in Zambia.
The company aims to capitalize on emerging opportunities in carbon trading markets and leverage its operational expertise to drive improved performance and asset management.
Owen Silavwe, Board Chairperson of CEC Renewables, expressed satisfaction with the company’s performance and extended appreciation to the Directors, Management Team, and employees for their dedication and hard work.
He reiterated the company’s commitment to operational excellence and achieving its performance targets in alignment with Zambia’s energy policy direction.
With a clear vision and strategic initiatives in place, CEC Renewables is poised for continued success and leadership in Zambia’s renewable energy landscape.
