Fast view
- EAAIF acted as the cornerstone investor for Zambia’s first-ever green bond.
- The bond financed critical solar infrastructure and supported the diversification of the country’s energy sector.
| Sector: | Energy |
| Total commitment: | $50 million |
| SDGs*: |  |
Background
The Emerging Africa and Asia Infrastructure Fund (EAAIF), in partnership with the Private Infrastructure Development Group Company (PIDG), took a pioneering step by committing to underwrite $50 million of Zambia’s first-ever $53.5 million green bond. Issued by CECR, a subsidiary of Copperbelt Energy Corporation Plc. (CEC) listed on the Lusaka Securities Exchange (LuSE), this bond represents a significant milestone for Zambia’s renewable energy finance landscape.
Opportunity
Zambia’s renewable energy potential is vast, with solar resources holding increasing importance as climate volatility disrupts hydropower, the country’s primary energy source. The proceeds from the green bond have been directed toward critical solar infrastructure, advancing Zambia’s energy diversification strategy and promoting a sustainable energy future.
Contribution and impact
Expanding renewable generation is vital to building a resilient energy sector in Zambia. CEC Renewables’ (CECR) green bond issuance not only accelerated the country’s energy transition by boosting solar power, but also strengthened the local capital market through its listing on the LuSE. This project is a strategic step forward in securing Zambia’s energy independence while fostering sustainable growth in the region.
*The SDG and related logos are referenced for illustrative purposes only and their use does not imply any endorsement of our products or services by the United Nations.