CEC Plc cut ties with CEC Africa

Copperbelt Energy Corporation (CEC) Plc has mooted plans to delink its pan-African power assets developer CEC Africa from the CEC group.

Julia Chaila, company secretary said the decision yet to get approval from shareholders is expected to improve CEC Plc financial performance.

CEC Africa is currently reeling from operation challenges – lower power generation and liquidity challenges facing the energy sector in Nigeria.

Chaila assured that the pull-out will not affect the beneficial shareholding of the CEC Group.

CEC Plc established CEC Africa in 2013, as an investment platform to channel investments in the power sector across sub-Sahara Africa following a US$100 million seed capital for its operations and US$50 million through shareholder loans.

Incorporated in Mauritius, CEC Africa has been working on power projects developments across Africa, including projects in Namibia, Sierra Leone, Zambia and Nigeria.

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