Zambian Mining News The Premium Source of Information on The Zambian Mining Industry
Related Articles
CEC Renewables’ investments in assets have boosted the company’s financial performance and positively impacted the environment.
According to the company Assets Manager, Hilton Fulele for the half year period ended June 2024, CEC Renewables’ operations avoided 29,000 tonnes of carbon emissions equivalent.
The development is attributed to the company 2027 strategy focusing on scalable Solar PV projects, aimed at more than doubling current generation capacity.
“Our achievements so far have positioned CEC Renewables as a leader in renewable energy generation in Zambia. Our financial growth, operational successes, and environmental impact underscore our dedication to creating sustainable value for our stakeholders,” said Fulele.
He said the company remains confident that its strategic initiatives and ongoing projects will continue to drive growth and innovation.
“Looking ahead, we are excited about our plans to develop an additional 136 MW plant at Itimpi whose construction is planned to begin in the fourth quarter of 2024.
“The expansion will be financed through the issuance of a second tranche of the USD200 million Green Bond programme registered with the SEC in December 2023 and an equity injection from the Parent Company, CEC PLC,” said Fulele.
Meanwhile, during the second quarter of the current year, President Hakainde Hichilema, commissioned the 60 MW Itimpi Solar PV Plant Phase 1, bringing the company’s total installed generation capacity to 94 MW.
“Our two solar generating assets, the 60MW Itimpi Solar Plant Phase 1 and the 34MW Riverside Solar Plant, together generated 61.07 MWh in the first half of 2024, representing a 293 percent increase compared to the same period in 2023.
According to Fulele, the company has made significant achievements and milestones in the renewable energy generation journey.
“The results we have achieved reflect our collective effort, resilience, and dedication to increasing our contribution to renewable energy generation for the country, to drive a cleaner and more sustainable future.”
