Copperbelt Energy Corporation:
A Powerhouse of Growth and Stability
For over a decade, Copperbelt Energy Corporation Plc (CEC) has exemplified resilience and growth in Zambia’s energy sector, steadily earning investor confidence and proving its strength on the Lusaka Securities Exchange (LuSE). Since its listing in 2007, the company’s share price has risen from 11 US cents to 50 US cents, marking an impressive trajectory of value creation.
CEC has consistently rewarded its shareholders, paying dividends every year since its listing. Over USD 440 million in dividends have been distributed, with more than USD 105.7 million paid in 2023 and 2024 alone. In 2024, the company also made its first interest payment on its newly listed Green Bond, further reinforcing its financial credibility. Notably, CEC became the first listed company in Zambia to surpass a market capitalization of USD 800 million—a milestone that underscores its dominance in the market.
A Strong Track Record in Capital Growth
CEC’s upward trajectory reflects its robust fundamentals, strategic investor relations, and commitment to sustainability-driven initiatives. It remains the most liquid stock on LuSE, with over USD 15.7 million traded in the 12 months leading up to February 2025.
Measured by market capitalization, CEC ranks among the top 40 listed companies in sub-Saharan Africa (excluding South Africa). This ranking is a testament to its resilience in navigating economic cycles, regulatory shifts, and industry transformations. The company’s ability to consistently deliver dividends every year since listing underscores its financial stability and commitment to shareholder value.
Strengthening Zambia’s Energy Security
CEC has played a pivotal role in addressing Zambia’s energy security challenges. By leveraging its bi-lateral arrangements within the region and membership to the the Southern African Power Pool (SAPP), the company was able meet the power requirements of its Copperbelt mining customers. This initiative, along with contributions from other power traders, reinforced Zambia’s energy security and highlighted the importance of regional interconnectivity in stabilising power supply.
The company has also made substantial investments in renewable energy, commissioning a 60MW solar PV plant in 2024. This addition, combined with its other generation assets, has helped mitigate the nation’s energy shortfall, solidifying CEC’s reputation as a key player in Zambia’s power sector. Further investments in transmission infrastructure—particularly interconnectors linking Zambia with the Democratic Republic of the Congo (DRC)—are essential to ensuring energy reliability and efficiency.
CEC Green Bond: Investing in a Sustainable Future
Demonstrating its commitment to clean energy and sustainable growth, CEC registered and listed a USD 200 million Green Bond Medium Term Note Program in 2023 with the Securities and Exchange Commission and the Lusaka Securities Exchange, this well-subscribed financing instrument has supported renewable energy projects and infrastructure upgrades, positioning CEC as a leader in sustainable power solutions. The Green Bond aligns with global trends in ESG investing, offering an attractive opportunity for investors seeking to back environmentally responsible initiatives while ensuring long-term financial returns.
A Bright Outlook for Investors
With a solid financial foundation, an expanding investor relations framework, and a clear sustainability vision, CEC is well-positioned for continued growth. Its track record of rewarding investors through dividends and capital appreciation makes it one of LuSE’s and Africa’s standout performers. In the past four years, CEC has nearly doubled its retail shareholder base and successfully raised significant funding through Green Bonds, fuelling its renewable energy ambitions.
As a key player in Zambia’s energy landscape, CEC’s forward-thinking strategies and investments continue to shape the future of energy security in the region. Its strong market performance, commitment to sustainability, and dedication to investor returns solidify its status as a leading force in African stock markets.
