Globeleq, a leading independent power producer in Africa, has signed a share purchase agreement with Norfund, Norway’s development finance institution, to acquire a 51% stake in Lunsemfwa Hydro Power Company (LHPC) in Zambia.
The remaining 49% of LHPC will continue to be held by Wanda Gorge Investments, a Zambian infrastructure investment firm, maintaining strong local ownership in the project.
LHPC, based in Kabwe in Zambia’s Central Province, operates two hydroelectric plants with a combined capacity of 56MW and is developing an additional 20MW solar PV facility.
The company supplies electricity to the Zambia Electricity Supply Corporation (ZESCO) and private clients, including Copperbelt Energy Corporation and Jubilee Metals, under long-term agreements.
LHPC also holds a license to trade electricity on the Southern African Power Pool (SAPP), positioning it strategically within the regional power market.
This marks Globeleq’s first hydropower investment in Africa, adding to its growing renewable portfolio of solar, wind, battery storage, hybrid systems, and geothermal assets.
The deal is expected to close in the second half of 2025, marking Globeleq’s formal entry into the Zambian energy sector.
Globeleq views Zambia as a priority country, where it is developing over 400MW of renewable projects, including the 54MWp Kafue solar project under the GETFiT Zambia initiative.
Globeleq CEO Jonathan Hoffman said the acquisition aligns with the company’s mission to support Zambia’s energy goals and provide reliable solutions to both public and private consumers.
Norfund’s Investment Director, Øystein Øyehaug, expressed confidence in Globeleq’s capability to elevate LHPC’s performance and unlock its long-term growth, describing the deal as a step forward for Zambia’s energy future.