Leading independent power producer Globeleq has signed a share purchase agreement with Norwegian development finance institution Norfund for the acquisition of a 51% equity stake in Zambia-based Lunsemfwa Hydro Power Company (LHPC).
LHPC, headquartered in Kabwe in Zambia’s Central Province, operates two hydroelectric plants with a combined capacity of 56 MW and is currently developing a 20 MW solar PV project. The remaining 49% stake in LHPC will continue to be held by Wanda Gorge Investments, a Zambian infrastructure investment firm.
The deal signals Globeleq’s official entry into Zambia’s energy market and marks its first investment in hydropower on the continent. LHPC currently supplies electricity to the Zambia Electricity Supply Corporation (ZESCO) under a long-term power purchase agreement and also serves private sector clients including Copperbelt Energy Corporation and Jubilee Metals. The company holds a Southern African Power Pool (SAPP) trading license, enabling cross-border electricity sales within the region.
“This is a pivotal milestone in our expansion strategy for Zambia,” said Jonathan Hoffman, CEO of Globeleq. “LHPC’s established operations and trading capabilities, combined with our experience across Africa, create a strong foundation to support Zambia’s energy ambitions and deliver value to both public and private consumers.”
The transaction is expected to be completed in the second half of 2025, pending necessary approvals.
Norfund’s Investment Director, Øystein Øyehaug, emphasized the strategic nature of the partnership:
“In seeking a partner for this transition, our priority was to find the right investor—one capable of elevating performance and unlocking growth potential. With two decades of experience across Africa, Globeleq is the right fit to lead LHPC into its next chapter.”
The acquisition forms part of Globeleq’s broader renewable energy expansion strategy in Zambia, where the company is spearheading the development of a 400 MW+ greenfield portfolio that includes solar, wind, battery energy storage (BESS), and hybrid projects. Among these is the 54 MWp Kafue Solar Project, awarded under the GETFiT Zambia programme.
With this investment, Globeleq strengthens its diversified renewable energy portfolio across Africa, which already spans solar, wind, geothermal, battery storage, and hybrid energy systems.
