• CEC Renewables posted a 63% profit increase driven by the first full year of its 60 MW Itimpi-1 plant, proving that diversified renewables can remain profitable
• With the 136 MW Itimpi-2 project nearing 100% completion this month, the company will more than double its capacity to 230 MW
• The firm is setting a regional benchmark for sustainable finance and social equity, maintaining a  a 56% female workforce while servicing USD 14M in Green Bond obligations

Harare- CEC Renewables Limited, a wholly owned subsidiary of CEC PLC and a pivotal player in Zambia's burgeoning green energy sector, has reported a robust 63% surge in profit after tax for the year ended December 31, 2025.

Profits climbed to USD 1.764 million from USD 1.082 million the previous year, marking an impressive financial turnaround. This growth positions the company as a frontrunner in addressing Zambia's chronic power shortages, which have been severely exacerbated by climate-induced droughts and El Niño-driven low water levels in the Kariba Dam, crippling traditional hydroelectric resources.

The company’s most significant milestone is the imminent commissioning of the 136 MW Itimpi-2 solar expansion project, scheduled for the first quarter of 2026. This expansion, which reached 75% completion by year-end, represents an aggressive capital deployment of USD 55.718 million in 2025 alone, a 531% jump from the prior year.

Financed through Green Bond proceeds and shareholder loans, Itimpi-2 will more than double the firm’s total installed solar capacity from 94 MW to 230 MW. This can be viewd as a game-changer for the grid, providing a resilient alternative to the increasingly unreliable hydropower dominated system.

Driving this year's 14% revenue rise to USD 9.566 million was the first full year of operations at the 60 MW Itimpi-1 Solar Plant. Despite a 9% shortfall in solar irradiation due to weather variabilities, Itimpi-1 delivered 115.24 GWh while maintaining over 99% availability.

Combined with the 34 MW Riverside Solar Plant, the portfolio generated a total of 171.286 GWh of clean energy, avoiding nearly 58,000 tonnes of CO2 emissions. These operational successes translated into a 13% EBITDA increase to USD 8.067 million, reflecting tight cost controls and a sharp reduction in net finance costs (from USD 4.004 million to USD 2.717 million) aided by strategic debt management under the company's Sustainable Finance Framework.

However, the aggressive growth strategy has created a mixed picture on the balance sheet. While total assets remain steady at USD 200 million, cash reserves plummeted from USD 135.6 million to USD 63.1 million due to the hefty capital expenditure and USD 14.089 million in Green Bond repayments.

Net debt excluding shareholder funding ballooned to USD 81.993 million, signalling increased leverage to fuel this expansion. Despite this, equity strengthened to USD 22.885 million as the company opted against dividend payouts to reinvest in long-term value creation.

Beyond financial metrics, CEC Renewables is setting a benchmark for ESG (Environmental, Social, and Governance) standards in Africa. The company boasts a 56% female workforce representation, attracting favourable attention from green financiers.

Managing Director Hilton Fulele emphasized the "robust operational stability" and revealed plans to explore new revenue streams through carbon credit monetization in 2026. As Itimpi-2 comes online this month, the company is not just reporting numbers, it is scripting a narrative of transformation that could inspire renewable ventures across the continent.

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