Lunzua Power Company Limited has agreed to acquire a 27% shareholding in Western Power Company Limited as part of plans to develop the 180MW Ngonye Hydroelectric Power Falls project in Zambia’s Western Province.
The agreement was signed in Cape Town during the Africa Energy Forum.
Lunzua said the investment will provide funding for the hydropower project and aligns with its strategy to develop and operate clean power generation assets while supporting Zambia’s plans to expand electricity generation capacity and improve access to power.
Speaking at the signing ceremony, Lunzua CEO Martin Kasemuka said the investment reflected the company’s confidence in the role of hydropower in the country’s energy mix.
“By adding Ngonye’s 180MW of clean, locally generated electricity, Lunzua strengthens Zambia’s generation capacity and, alongside the broader investment underway in the sector, contributes to a more secure and resilient national supply. Importantly, capacity of this scale helps move the country toward a surplus position, creating the headroom to realise Zambia’s ambition to be a dependable power supplier for the region. We are proud to partner with Western Power in building that future.”
Lunzua said the acquisition supports several strategic priorities, including developing clean generation capacity that complements baseload power, securing long-term contracted revenues, expanding market access and project pipeline opportunities, and contributing to Zambia‘s energy security and development goals.
