Africa-focused independent power producer Globeleq has completed the acquisition of a 51% equity stake in Lunsemfwa Hydro Power Company (LHPC) from Norwegian development finance institution Norfund, marking a significant expansion into the Zambian electricity market and the regional power trading ecosystem of the Southern African Power Pool (SAPP).
The remaining 49% stake in LHPC will continue to be held by Wanda Gorge Investments, a Zambia-based infrastructure investment firm.
LHPC currently operates two hydropower plants with a combined generation capacity of 56 MW and is developing a 27 MWp solar photovoltaic project. The company also maintains an ambitious expansion pipeline that includes a 200 MWp solar portfolio and additional hydropower development opportunities.
Headquartered in Kabwe, LHPC supplies electricity to Zambia’s national utility ZESCO under a long-term power purchase agreement. The company also serves private industrial off-takers including Copperbelt Energy Corporation and Jubilee Metals Group. In addition, LHPC holds a SAPP trading license, enabling participation in cross-border electricity trading within the Southern African regional power market.
The transaction represents Globeleq’s first hydropower investment in Africa and complements its existing portfolio spanning solar, wind, battery energy storage systems (BESS), hybrid solar-plus-storage, and geothermal assets across the continent.
Zambia has emerged as a strategic market for Globeleq, which recently established a new office in Lusaka to serve as a hub for project development, partnerships, and commercial operations.
Alongside the LHPC acquisition, Globeleq is advancing several major renewable projects in the country. The 40 MWac (56 MWp) Kafue Solar Project, procured through the GET FiT Zambia initiative, is expected to reach financial close and begin construction in the first quarter of 2026.
Key project agreements for the Kafue Solar project—including a power purchase agreement and grid connection agreement with ZESCO, along with an implementation agreement with the Government of Zambia—were signed in August 2025. Financing agreements were finalized in December 2025 with British International Investment and FMO acting as joint mandated lead arrangers and senior lenders, while Standard Bank serves as security trustee.
Globeleq is also progressing the Leopard’s Hill project, an innovative renewable energy development comprising a 150 MWac solar PV plant paired with a 150 MW / 600 MWh battery energy storage system, with financial close targeted later this year.
Jonathan Hoffman, CEO of Globeleq, stated that the partnership represents a major milestone for both the company and Zambia’s energy sector, noting that LHPC’s operational strength and expansion plans align with Globeleq’s long-term strategy. He added that the acquisition enables the company to establish an operational foothold in Zambia while participating actively in the SAPP electricity trading market.
Øystein Øyehaug, Investment Director at Norfund, said the institution is confident that Globeleq has the technical expertise and financial capacity to support LHPC’s continued development and strengthen its role in expanding sustainable energy access in Zambia.
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