CEC – Market Announcement

Copperbelt Energy Corporation PLC (“CEC” or “the Group”) is pleased to inform its Shareholders and the general public that it has incorporated the subsidiary, CEC Renewables Limited (“CEC Renewables”). Wholly owned, CEC Renewables is part of the CEC Group since 28th October 2022 and is responsible for driving the Group’s development and integration of renewable energy, particularly solar and wind.

CEC Renewables Limited has constructed the 33.11MW_p Solar PV Plant, expanding the 1.04MW_p Solar PV Plant in Kitwe, Zambia (the “Riverside Solar PV Plant”), bringing the current total capacity to 34.15MW_p. The location of the plant near existing CEC installations simplifies grid connection, monitoring and operation, as well as maintenance of the solar farm.

The 34.15MW_p Riverside Solar PV Plant was commissioned by Mr Hakainde Hichilema, the President of the Republic of Zambia, on 15th February 2023 and is now operational at full scale.

In addition to the Riverside Solar PV Plant, construction of the Itimpi Solar Development Project-Phase I, a greenfield utility scale 60MW_p solar PV facility, is underway. Situated in Kitwe’s outskirt area of Garneton on 80 hectares of land, the first phase will deliver 60MW_p. Phase I construction will run until the fourth quarter of 2023, following which the second phase will commence.

The Company’s Managing Director, Owen Silavwe, described the solar projects as a strategic investment which will increase and diversify CEC’s generation portfolio whilst contributing to the national energy mix, a demonstration of CEC’s commitment and promise to bring more renewables to its supply portfolio as the Group partners with its customers in Zambia and the region in meeting their power needs and decarbonisation targets. He further said that the Company is well-positioned to work with its partners and the government in renewables development in Zambia and beyond.

Issued in Lusaka, Zambia on Thursday, March 2, 2023