CEC Renewables 2024 Annual Report
CHAIRPERSON’S STATEMENT
“We are committed to leading the renewable energy transition through the responsible and efficient use of resources.”
Owen Silavwe,
CEC Renewables Board Chairperson
Since incorporation in 2022, CEC Renewables has been at the forefront of driving sustainable investments in the CEC Group, adding to the progress the energy sector is making in adopting clean and green energy technology. Our vision extends beyond operational and engineering excellence as we remain highly committed to leading the renewable energy transition through the responsible and efficient use of resources.
Our projects are strategically aligned with local and regional ambitions, supporting both growth and decarbonisation targets. In 2024, we made significant strides towards our vision to lead as a renewable energy developer and operator, delivering strong and sustainable financial and operational results.
Despite the challenges faced by the energy sector during the year resulting from a drought that substantially constrained the supply side, our business demonstrated remarkable resilience, anchored by our dedicated employees and management team that continue to work hard to drive outstanding results. This resilience reflected in revenue growth of over 240% in 2024, reaching US$ 8.66 million (2023: US$ 2.53 million), alongside an EBITDA increase of 228%. A key milestone was the successful commissioning of the 60 MW Itimpi Phase 1 Solar PV Plant in April 2024, which generated 95.3 GWh of renewable energy during the year. This additional generation capacity was timely, as Zambia and the Southern African region faced significant power shortages over the same period.
Strategic Development
To sustain our growth trajectory and achieve our target of 200 MW generation capacity by 2025, the Board of Directors approved a 136 MW expansion of the Itimpi Solar PV Project. Once completed, this expansion will increase CEC Renewables’ total generation capacity to 230 MW. To finance this development, we successfully secured US$ 96.72 million through the issuance of our second Green Bond. When taken together with the first tranche, this second tranche brings the total issuance under our US$ 200 million Medium Term Note Programme to US$ 150.27 million. This landmark is testament to the confidence that investors have in the vision of the Company and the ability of the Board and Management to deliver sustained value for stakeholders.
Board Appointments
“Our people remain our greatest asset, and their contributions are fundamental to our success.”
Strengthening our leadership remains a key priority. In 2024, we welcomed to the Board three esteemed professionals: Ms Banja Mkwanazi, Ms Faith Mukutu, and Ms Mukabanji Mutanuka, who joined the Board as Independent Non-Executive Directors, contributing their diverse wealth of expertise and knowledge to the Board and its various committees. Their appointments not only enhance our Board’s capabilities but also advance our commitment to diversity, achieving 50% female representation.
Appreciation
On behalf of the Board, I extend my heartfelt gratitude to the management team and staff for their unwavering dedication, resilience, and hard work. Our people remain our greatest asset, and their contributions are fundamental to our success. I also sincerely thank our customers, bondholders, partners, and all stakeholders for their continued trust and support as we forge ahead together to what promises to be an exciting and prosperous future for CEC Renewables.
Owen Silavwe
Board Chairperson
CEC Renewables Limited
