• Globeleq acquired a 51% majority stake in Lunsemfwa Hydro Power Company from Norfund.

• LHPC operates 56 MW of hydropower capacity and develops 27 MWp of solar capacity, with a 200 MWp pipeline.

• The deal marks Globeleq’s operational entry into Zambia and strengthens its Southern African expansion strategy.

Independent power producer Globeleq announced on March 3, that it completed the acquisition of a 51% majority stake in Lunsemfwa Hydro Power Company (LHPC) in Zambia from Norwegian development finance institution Norfund.

Wanda Gorge Investments, a Zambian investment company, holds the remaining 49% stake.

LHPC operates two hydroelectric power plants with a combined capacity of 56 MW. The company simultaneously builds a 27 MWp solar project and maintains a 200 MWp development pipeline. The company, which is based in Kabwe, sells electricity to ZESCO under a long-term power purchase agreement and supplies private clients including Copperbelt Energy Corporation and Jubilee Metals. LHPC also holds a trading license within the Southern African Power Pool, which allows the company to participate in regional electricity trading.

“This partnership constitutes a major milestone for Globeleq and the Zambian energy sector. LHPC’s strong operational base and ambitious growth projects align with our strategy, allowing us to establish operations in Zambia and actively trade on the SAPP. Combined with our project portfolio, LHPC strengthens our ability to deliver tailored energy solutions to major consumers in the region,” said Jonathan Hoffman, Chief Executive Officer of Globeleq.

The acquisition marks Globeleq’s operational entry into the Zambian market. The company recently opened an office in Lusaka. The company also develops the 40 MWac Kafue Solar project and the Leopard’s Hill project, a 150 MWac solar plant paired with a 150 MW and 600 MWh battery energy storage system.

The transaction forms part of a broader strategy to acquire majority stakes in Southern Africa. In December 2024, Globeleq completed the acquisition of a 75% stake in the 41 MW Mocuba solar plant in Mozambique from Scatec and KLP Norfund. In South Africa, the company acquired a 90 MW photovoltaic project from Magnora in 2023.

Founded in 2002 and exclusively focused on Africa since 2015, Globeleq develops, acquires and operates large-scale power plants across the continent.

This article was initially published in French by Abdoullah Diop

Adapted in English by Ange J.A de Berry Quenum