9 February 2014

Zambia: CEC On Ambitious Expansion Projects

THE Copperbelt Energy Corporation (CEC) is developing ambitious projects aimed at enhancing its local and foreign investment portfolio.

CEC managing director-operations, Owen Silavwe who unveiled a robust investment programme during the Investor Open Day at Edinburgh Hotel in Kitwe last Friday, said the company was poised to derive fruitful benefits from the various expansion activities.

In outlining some of the projects the company had embarked on and are at various stages of development, Mr Silavwe said while the company was determined to sustain its own investments, it was equally resolute to support other entities that were willing to invest.

Mr Silavwe explained that, as CEC was exploiting various investment opportunities through the many expansion programmes, the success was meant to benefit the company and its shareholders.

In his presentation to the shareholders, Mr Silavwe said feasibilities studies were at advanced stage in Luapula Province for the 700 Megawatts Luapula Hydro-electric Scheme, which is a cascade of five run-of-river hydro scheme.

This is in addition to another project - the US$214 million Kabombo Gorge Hydro-electric venture in North Western Province, whose full scope of construction is expected to take off by the end of the current quarter.

Mr Silavwe explained that the CEC board of directors assented to other schemes which include a solar project which will entail the development of 12 megawatts of solar power in rural areas.

Others are the construction of a five mega watts to 15 mega watts grid connected solar PV plant on the Copperbelt or/and Kabompo Gorge and establishment of a one megawatt bio-gasification plant at a cost of US$3.8 million in Kitwe.

He cited the success story of CEC's diversification into the telecommunication sector which brought about Realtime and CEC Liquid, which are the subsidiary companies.

CEC Liquid rolls out fibre to clients on a wholesale scale while Realtime operates as an internet service provider (ISP).

On the international energy market, CEC has developed new business projects under CEC Africa in Nigeria, Namibia and Sierra Leone with diverse investment levels.

Meanwhile, Stockbrokers Zambia Limited managing director, Charles Mate said on the sidelines of the open day that CEC is among a few listed companies that hold investor open day to discuss the rights offer.

Mr Mate, said it was important that listed companies engaged their shareholders in the manner CEC does for them to make informed investment decisions.

"This is a positive issue and it is a deliberate attempt to inform and educate shareholders for them to make informed investment decisions.

CEC is the first company listed on the Lusaka Stock Exchange that holds an investor open day to discuss the rights offer," Mr Mate explained.-Story courtesy of SUMA SYSTEMS.

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