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Saturday, December 3, 2022

CEC abandons Sierra Leone power project

Economy CEC abandons Sierra Leone power project

cec

Copperbelt Energy Corporation which through its wholly owned subsidiary, CEC Africa Investments Limited has been developing an independent power generation project called CEC Africa SL in Freetown, Sierra Leone has announced its intention to divest from the venture.

Once constructed, the Project would have been one of the largest private sector investments in Sierra Leone to date.
Located in the Kissy Dock area, approximately 4km east of the centre of Freetown, the Project was intended to be built over 3 phases; beginning with 50MW then 39MW each for both the second and third phases.

CEC Africa with its consortium partner in the project, Abu Dhabi-based energy company TCQ Power Ltd, has entered a conditional agreement with the Project lenders to divest from the project upon reaching financial close.

The lenders include the International Finance Cooperation (IFC), the African Development Bank, CDC Group, Emerging Africa Infrastructure Fund, and FMO.

CEC Plc remains convinced of the attractiveness of the Sierra Leone project, both commercially and in terms of its developmental impact.

The firm has, however, made a strategic decision to sell its interest in the project to focus resources on other parts of its portfolio and has made certain to identify a competent and well regarded developer, with presence in many markets in Africa, to take up its interest upon exiting.

11 COMMENTS

  1. HOW CAN YOU SOLVE SL POWER PROBLEM WHEN IN YOUR OWN HOME YOU HAVE NOTHING HAHAHAHA..KUTI WASEKA KWENA, SOME CRAP FROM ZAMBIA AIYA.

    • CECis a private company and can invest anywhere in the world with better investment returns or profit if you like.

    • It’s always a good idea to pay attention in class and you ANYOKOoo obviously didn’t. There’s a difference between a private business entity and government. Their interests and responsibilities alike occupy opposite ends of the continuum. This my brother you should have payed attention to in grade 8 rather than obliviously undressing your ignorance in a public domain as this. It’s not too late for night school anyway. Peace.

    • Someone was swindled in this project, it won’t be surprising to hear even Zambian Energy minister was involved and Zambian government allowed cash loan.
      This abandoned project sounds like those commissioned Maamba coal generator, ItedziTedzi thing, all promised phase 1 will solve problems zesco problem in Zambia, phase 2 for storage, phase 3 export. There was even a project on importing electricity on a ship from an Arab country, which docked at Nakala port in Mozambique. ……. PF…

    • Yes, CEC is a private business we know but surely do they currently have the capacity to undertake such a project? I think there was over-ambition here.

    • @Matador, Vision is more important than capacity. In this day and age, you can do anything with the right partnership. Size doesn’t matter, the brains do matter!

    • If you want to create wealth you have to think global not just selling groundnuts by a Chamwama road side.
      Wake up!!

  2. @Anyakooo,
    LOL. You’ve got it backwards. You should be asking why did it make more business sense for a private company CEC to invest in Sierra Leone rather than expand in Zambia. As the saying goes, the devil is in the detail. Do your research first.

  3. Is it really Zambian? I thought Copperbelt Energy was owned by Cinergy Global Power of the USA and National Grid of UK. I need to check my facts.

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