*CEC Renewables Delivers Solid Half-Year Performance with 99% Generation Output at Its Solar PV Plants*
An exceptional performance by its two solar photovoltaic (PV) plants – Riverside and Itimpi in Kitwe – helped CEC Renewables boost its revenues to about US $4.7 million, according to the official half year company results.
The increase, which is 35 percent higher than the US $3.438 million achieved in the same period last year, was driven by a stellar performance of its flagship solar PV generating assets – the 60 MW Itimpi 1 and the 34 MW Riverside Solar Plants – which achieved a high electricity availability rate of 99.9%.
In its continued efforts to deluver value to its investors, CEC Renewables paid US $3.97 million in coupon payments to the Green Bond noteholders, representing a 64% increase from the US $2.42 million paid in 2024 during the same period.
Incorporated in October 2022, CEC Renewables Limited, a wholly owned subsidiary of Copperbelt Energy Corporation (CEC) Plc, was established as a platform for renewable energy expansion designed to scale up the deployment of renewable energy across the Zambian grid.
The company became Zambia’s first issuer of a Green Bond valued at US $200 million that will see its solar footprint increase to over 230 MW by 2026.
According to the half-year 2025 financial results, CEC Renewables also saw its profit grow by 236% compared to the same period last year, largely attributable to a higher revenue base and interest income earned on cash reserves earmarked for the Itimpi II expansion solar project.
“The half-year ended 30 June 2025 was characterised by operational stability, great strategic progress, and resilience in the face of regional economic and climate-related challenges,” CEC Renewables Assets Manager Hilton Fulele commented on the results.
“Our 94 MW Solar PV portfolio continued to perform reliably and met expectations, reinforcing our position as a key contributor to Zambia’s energy transition and sustainability agenda. The Itimpi I and Riverside Solar Plants collectively generated 80.75 GWh in the first half of 2025, marking a remarkable 32% increase compared to 2024,” he added.
The overall positive performance of the two plants was achieved despite unfavourable solar resource conditions between March and June, which reduced average solar radiation needed for optimal operation of solar PV stations.
Fulele explained that the overall impact of reduced solar irradiation on energy yield was partially mitigated by high plant availability and the high standards achieved in operations and maintenance approaches.
“Our operations continue to make a tangible environmental contribution by avoiding an estimated 26,972 tonnes of carbon equivalent emissions during the period. Safety remains a top priority as we proudly report no lost-time injuries in H1 2025 compared to one recorded last year,” said Mr Fulele.