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Allen & Overy advises the Emerging Africa Infrastructure Fund (EAIF) on Zambia's first listed green bond

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London - Allen & Overy (A&O) has advised the Emerging Africa Infrastructure Fund (EAIF), part of the Private Infrastructure Development Group (PIDG), on its investment in the first green bond listed in Zambia.

The green bond was issued by CEC Renewables Limited, a wholly-owned subsidiary of Copperbelt Energy Corporation plc (CEC), an integrated electricity producer and supplier and one of Zambia's largest listed companies.

The green bond was issued under a USD200 million medium-term note programme established by CEC Renewables and raised USD53 million. The proceeds of the green bond will be used to re-finance two of CEC’s existing solar power plants and to finance the further development by CEC of renewable energy generation assets in Zambia.

The Allen & Overy team was led by London-based partner Tim Conduit, with support from associate Samuel Davidson alongside the team in Johannesburg led by partner Alessandra Pardini with senior associate Daniel Areias and associate Kiera Bracher.

Tim Conduit, partner at A&O, commented: "We are delighted to have advised the EAIF on this landmark transaction, which demonstrates the potential of green bonds to mobilise capital for sustainable infrastructure development in Africa. The EAIF has been a pioneer of green finance in the region, having supported several renewable energy projects across the continent. We are proud to have a long-standing relationship with the EAIF and to have worked with them and the other parties on this innovative and impactful deal."