The Copperbelt Energy Corporation (CEC) plans to double its solar generation capacity to 500MW by 2027, as it accelerates Zambia’s shift to cleaner, more reliable energy. The utility says the expansion will be backed by battery energy storage systems designed to turn intermittent solar power into a dependable alternative.
Last April, CEC – Zambia’s most valuable locally listed company by market capitalisation of over $1.5 billion – commissioned its 136 MW Itimpi II solar plant, the country’s largest operational solar project to bring its solar generation capacity to 230 MW.
The commissioned Itimpi II plant which took 14 months to construct, created 2,568 jobs of which over 95% were held by Zambians and contracted 15 local companies and eight local consultants.
The US $125.8 million Solar PV Plant which sits on approximately 170 hectares of land has added 100 permanent jobs in the country.
The 136 MW Itimpi II solar plant was the last project financed through the US $200 million Green Bond successfully issued by CEC-Renewables, a wholly-owned subsidiary of CEC Plc.
CEC’s Green Bond was the first-ever instrument to finance major infrastructure power projects in the Country.
A statement published by the company says that successfully utilizing the Green Bond has “proven that local capital markets can independently fund mega-projects without reliance on sovereign debt.”
The remainder of the Green Bond fund will be directed towards the deployment of battery energy storage systems, an effective transition from intermittent solar generation to reliable, dispatchable energy, stepping into a new era of energy security and ensuring that the key engines of national development continue turning.
Apart from setting a trend in the utilization of local capital markets to finance mega power projects without reliance on sovereign debt, the Green Bond has helped CEC increase its renewable footprint by delivering significant localised value, offsetting about 101 MT of CO2 annually.
By 2027, the Group intends to have more than 500 MW of solar generation capacity to enhance energy security locally and in the region.
