(Bloomberg) -- Copperbelt Energy Corp., a Zambian power supplier, issued a $97 million green bond to expand what will be one of the country’s biggest solar plants.
The company’s renewable unit will use the financing to develop a second phase of the Itimpi Solar Project, adding 136 megawatts to reach 250 megawatts of capacity by next year, Owen Silavwe, CEC managing director, told reporters Friday in Lusaka, the capital.
Standard Bank Ltd.’s unit Stanbic Bank Zambia is the lead manager and underwriter of the debt, which is the second tranche of the southern African nation’s first $200 million green bond announced last year. Bondholders include Zambia’s ZCCM Investments Holdings, Emerging Africa and Asia Infrastructure Fund Ltd., African Local Currency Bond Fund and Dutch development bank FMO.
CEC supplies power to most major copper mines in Zambia and also sells electricity to customers in the Democratic Republic of Congo.
(Corrects Standard Bank unit’s role as lead manager in story published Dec. 6)
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