CEC has commissioned a 60 MegaWatts (MW) Itimpi Solar Photovoltaic Solar Power Station. The President, H.E Hakainde Hichilema inaugurated the Solar Plant in Kitwe on Wednesday 10 April, 2024. Additionally, a second plant is yet to be developed in the same area, with an anticipated capacity of 126MW.
The company states that they are pleased to be advancing their renewable energy agenda to meet the unique demands of customers and support the diversification of Zambia’s energy mix. Solar power is derived from sunlight, which is an inexhaustible resource. Unlike fossil fuels, solar energy won’t run out, making it a sustainable choice for the long term.
The investment by CEC in the Itimpi Solar Plant is hailed as a significant milestone in achieving diversification within the energy sector, with the potential to mitigate the current power deficit in the country. CEC Managing Director Owen Silavwe emphasized the need for collaboration among energy sector players, particularly in light of the current drought conditions. He also stressed the importance of collaboration to aid the growing demand for power in the country.
London Mwafulilwa, the Chairperson of the CEC Board, highlighted the positive socio-economic impact of the project, noting that over one thousand (1,000) jobs were created during the construction phase, further demonstrating the tangible benefits of investing in renewable energy infrastructure. The commissioning of a new plant is a step towards energy independence, which will enhance self sufficiency for the Zambian economy. Solar facilities create jobs and this is highly beneficial for the economy. The unemployment rate in Zambia decreased to 4.22 percent in the previous year from 6.13% in 2022. In 2023, the unemployment rate thereby reached its lowest value in the recent years. With this new development, we can expect to see a further decrease in the unemployment rate. In spite of all the positive outcomes to look forward to, it is also important to consider the challenges associated with solar power, primarily the dependence of solar energy production on the availability of sunlight. Cloudy days and nighttime reduce output, necessitating energy storage solutions.
On the LuSE – CEC performance, the current share price of CEC is K7.71, recording a 0.1% gain over its previous closing price of K7.70. Copperbelt Energy began the year with a share price of K7.09 and has since gained 8.74% on that price valuation, ranking it Ninth on the LuSE in terms of year-to-date performance. It is the fifth most traded stock on the Lusaka Securities Exchange over the past three months (Jan 11 – Apr 12, 2024). CEC has traded a total volume of 1.45 million shares valued at K10.7 million over the period, and it has a current market capitalization (market’s collective valuation of a company) of K12.5 billion, which is about 12.6% of the entire Lusaka Securities Exchange equity market. Considering the current and historic performance of CEC now would be the best time for investors to purchase shares in the company. The company has shown steady growth and has the potential to gain even more value in the short and long term.
