Zambia: Standard Chartered takes 25.8 percent in CEC

Standard Chartered’s Private Equity Africa division has invested $57m in Zambian Energy Corporation, the controlling shareholder of Copperbelt Energy Corporation (CEC), giving it a 25.8% equity stake. CEC is an independent transmission and distribution company which supplies power to mines in Zambia’s Copperbelt and transmits power for national power utility Zesco. CEC recently established CEC Africa (CECA) as a vehicle for power infrastructure investments outside Zambia. In Nigeria, CECA has acquired a controlling interest in the Abuja electricity distribution company (disco) and a 20% stake in the 600MW Shiroro hydro plant.