Zambia's Copperbelt Energy raises $90bn with Standard Bank’s backing

CEC is the largest privately owned power utility in Zambia.

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By Standard Bank

Standard Bank South Africa (SBSA) has assisted Zambian energy company Copperbelt Energy Corporation Plc (CEC) in raising US$90 billion in the debt capital market.

Listed on the Lusaka Securities Exchange (LuSE), CEC is the largest privately owned power utility involved across the value chain in generation, transmission, distribution and supply in Zambia. The company owns, operates and maintains power transmission, generation and distribution assets, servicing customers in Zambia and the DRC, and is a major developer of energy infrastructure in Africa.

SBSA acted in its capacity as lead manager and underwriter for the US$90 billion LuSE-listed 15-year green bond, attracting demand from both local and international investors. Our role as a lead manager on the issuance included facilitating the end-to-end issuance process including facilitating regulatory approvals and advising on optimal issuance structure. Stanbic Zambia acted as an underwriter on this issuance, and the partnership with Cygnum Capital helped unlock a client solution by providing an underwritten green bond solution.

The issuance also provided the bank with an opportunity to demonstrate our market leadership in the local debt capital markets. Through our debt capital markets syndicate, we managed to unlock liquidity from development finance institutions and local pension funds to result in an oversubscribed deal, and the collaboration across the Investment Banking and Global Markets teams made this transaction a success.

CEC is a core client of Stanbic Zambia operating in the energy sector, and this issuance will enable the company to further increase its renewable generation. Zambia relies on hydropower for the bulk of the country's power supply, and this transaction will enable CEC to bridge the shortfalls.

We are proud to be able to support renewable energy companies across the continent while also providing sustainable financing solutions to meet our clients’ funding objectives.

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