Copperbelt Energy Corporation PLC (the “Company”) is incorporated in Zambia under the Zambia Companies Act as a public limited Company and listed on the LuSE. The Company and its subsidiaries (together “the Group”) is involved in power generation, transmission, distribution, supply, and professional football through its Club subsidiary.  

Key milestones noted during the year:  

 CEC commissioned the 34 MW Solar PV plant at our Riverside location in Kitwe and commenced with the evacuation of power into the grid. In addition, CEC commenced the implementation of the 60MW Solar PV plant located at Itimpi in Kitwe. All this is in line with the green growth agenda and comes alongside technological improvements to the transmission network. The combined capital investment made for the Riverside and Itimpi Solar plants was US$75 million.  

 Copperbelt Energy Corporation (CEC) has also initiated Zambia’s first green bond program to raise $200 million on the LuSE for further investment in solar and other renewable energy generation projects. Through the Green Bond, CEC’s subsidiary, CEC Renewables raised US$454 million in the oversubscribed first tranche of the bond program, and this expected to anchor CEC’s green energy generation ambitions.  

For the year under review, CEC reported total revenue of ZMW7.85 billion (US$382.27million), (2022: ZMW6.38 billion (US$374.449 million)) and profit after tax of ZMW2.83 billion (US$137.65 million), (2022: ZMW866.41 billion (US$50.82 million)). Further, the CEC share price opened at ZMW3.78 per share and closed at ZMW7.09.  

The Company declared a dividend of US$ 55.25 million with ZCCM-IH receiving US$14.59 million (2022:US$10.3 million).