Emerging Africa Infrastructure Fund Acts as Cornerstone Investor to Anchor Zambia’s First Green Bond
The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group Company (PIDG), has committed to de facto underwrite US$50m of Zambia’s first US$53.5m green bond, to finance key solar infrastructure and support diversification of the country’s energy sector.
EAIF acted as the cornerstone investor of the bond issued by CEC Renewables (CECR), an affiliate of Copperbelt Energy Corporation Plc. (CEC), a private energy generation, transmission and distribution company listed on the Lusaka Securities Exchange (LuSE) since 2008. The funding will enable the development and growth of CECR’s clean energy portfolio, consisting of two solar PV plants, with a combined generating capacity of close to 100MW, and supports the company’s ambitions to provide over 200MW of renewable energy.