Globeleq, a major independent power producer in Africa, has signed a share purchase agreement with Norfund to acquire a 51% equity stake in Lunsemfwa Hydro Power Company (LHPC) in Zambia. This marks Globeleq’s first investment in hydropower on the continent.
LHPC operates two hydroelectric power plants with a combined capacity of 56MW and is developing a 20MW solar PV project. The remaining 49% stake in LHPC is held by Wanda Gorge Investments, a Zambian infrastructure investment firm.
Based in Kabwe, Central Province, LHPC supplies power to Zambia Electricity Supply Corporation under a power purchase agreement and serves private clients including Copperbelt Energy Corporation and Jubilee Metals. LHPC also holds a license to trade electricity through the Southern African Power Pool (SAPP).
The acquisition is Globeleq’s entry into the Zambian energy market and aligns with its strategy to support both public and private energy consumers. It also expands the company’s renewable energy portfolio, which currently includes solar, wind, battery energy storage, hybrid systems, and geothermal assets. Globeleq is already developing over 400MW of renewable projects in Zambia, including the 54MWp Kafue solar project under the GETFiT Zambia programme.
Completion of the transaction is expected in the second half of 2025.
Jonathan Hoffman, CEO of Globeleq, said: “We are excited about this opportunity to enter the Zambian market. LHPC’s established team, operations and trading capabilities combined with our extensive experience in Africa, create a strong platform to support Zambia’s broader energy objectives and deliver solutions to a range of energy consumers in the region.”
Øystein Øyehaug, Investment Director at Norfund, added: “In seeking a partner for this transition, our priority was to find the right investor – one with the capability to manage well, enhance operational performance, elevate standards, and unlock the long-term growth potential of LHPC. With more than 20 years of experience operating in Africa, we are confident that Globeleq is the right fit to lead the LHPC into its next chapter.”
