Globeleq has completed the acquisition of a 51% equity stake in Lunsemfwa Hydro Power Company (LHPC) from Norfund, the Norwegian development finance institution. The remaining 49% of LHPC is held by Wanda Gorge Investments.
The transaction marks Globeleq’s entry into the Zambian energy market and the Southern African Power Pool (SAPP).
LHPC operates two hydropower plants with a combined installed capacity of 56MW. The company is also developing a 27MWp solar PV project. Its pipeline includes a 200MWp solar portfolio and additional hydropower expansion opportunities.
Based in Kabwe in Zambia’s Central Province, LHPC supplies electricity to ZESCO under a long-term power purchase agreement. It also serves private off-takers including Copperbelt Energy Corporation and Jubilee Metals. LHPC holds a SAPP trading licence, allowing it to participate in regional power trading.
For Globeleq, the acquisition represents its first hydropower investment in Africa. The company’s existing portfolio includes solar, wind, battery energy storage systems (BESS), hybrid solar-plus-BESS and geothermal assets. The transaction also enables Globeleq to engage directly in electricity trading within SAPP.
Zambia is identified as a priority market for Globeleq, which recently opened an office in Lusaka to support local project development, partnerships and commercial operations.
In addition to the Lunsemfwa Hydro Power Company acquisition, the company is advancing other projects in the country. The 40MWac (56MWp) Kafue Solar project, procured under the GET FiT Zambia programme, is expected to reach financial close and begin construction in the first quarter of 2026. Project agreements, including the power purchase and grid connection agreements with ZESCO and the implementation agreement with the Government of Zambia, were signed in August 2025. Financing agreements were signed in December 2025 with British International Investment and FMO as joint mandated lead arrangers and senior lenders. Standard Bank is acting as security trustee.
Globeleq is also progressing the Leopard’s Hill project, a 150MWac solar PV plant paired with a 150MW / 600MWh battery energy storage system. Financial close is targeted later this year.
Jonathan Hoffman, CEO of Globeleq, said: “This partnership is a major step forward for Globeleq and Zambia’s energy sector. LHPC’s strong operational base and ambitious growth plans align with our strategy, providing an operational entry into Zambia and active trading in SAPP. Combined with our project pipeline, LHPC strengthens our ability to offer tailored power solutions to major consumers in the region.”
Øystein Øyehaug, Investment Director at Norfund, added: “We are delighted to have found the right partner to advance LHPC’s long-term potential. Globeleq has the expertise and resources needed to enhance LHPC’s performance and drive its future development. This transaction supports our mission to promote sustainable development and expand access to clean energy in Zambia.”
