ZCCM-IH Invests $10 Million in Zambia’s Groundbreaking Green Bond Initiative
ZCCM Investments Holdings PLC (ZCCM-IH) has committed $10 million (ZMW275 million) to the second tranche of the CEC Renewables Limited Green Bond.
This tranche, targeting $96.7 million, will finance the 136MW Itimpi-2 solar project, expanding the capacity of the existing 60MW Itimpi-1 solar photovoltaic (PV) plant.
Dr. Ndoba Vibetti, ZCCM-IH CEO, highlighted the investment’s alignment with the company’s sustainability objectives. “Our mission is to create tangible wealth sustainably for the benefit of the Zambian people and stakeholders.
This green bond financing for solar projects supports that mission while addressing the ongoing energy crisis and reducing our carbon footprint,” he stated.
The investment underscores ZCCM-IH’s commitment to diversifying its portfolio and boosting returns in line with its 2023–2026 strategic plan, which prioritizes ventures in mining and energy. It also reflects the company’s dedication to advancing Zambia’s local capital markets.
The CEC Renewables Green Bond, introduced in December 2023 under a 15-year Medium-Term Note Programme, is Zambia’s first-ever green bond. With a total value of $200 million, it aims to generate over 200MW of renewable energy, primarily through solar power. The first tranche raised $54 million to fund the Itimpi-1 solar plant, which was commissioned in April 2024.
Listed on the Lusaka Securities Exchange (LuSE) and privately placed, the bond adheres to the International Capital Market Association (ICMA) Green Bond Principles, drawing substantial interest from local investors.
ZCCM-IH’s $10 million investment solidifies its role in promoting sustainable energy solutions, enhancing Zambia’s energy security, and fostering green economic growth. This strategic move positions the company as a key player in driving the country’s renewable energy ambitions.
