Globeleq completes Lunsemfwa hydro acquisition

Globeleq has completed its acquisition of a 51% equity stake in Zambia’s Lunsemfwa Hydro Power Company (LHPC) from Norfund, the Norwegian development finance institution

The transaction marks a major step in Globeleq’s entry into the Zambian energy market and the South African Power Pool (SAPP) according to Jonathan Hoffman, CEO of Globeleq.

LHPC operates two hydroelectric power plants with a combined capacity of 56 MW and is constructing a 27 MWp solar PV project.

Its growth pipeline includes a 200 MWp solar portfolio and various hydropower expansions.

“LHPC’s strong operational base and ambitious growth plans align with our strategy, providing an operational entry into Zambia and active trading in SAPP,” said Hoffman.

“Combined with our project pipeline, LHPC strengthens our ability to offer tailored power solutions to major consumers in the region.”

Based in Kabwe, Zambia’s Central Province, LHPC supplies electricity to ZESCO, the national utility, under a long-term power purchase agreement and serves private off-takers such as Copperbelt Energy Corporation and Jubilee Metals.

LHPC also holds a SAPP trading license, enabling regional energy trade.

The remaining 49% of LHPC is owned by Wanda Gorge Investments, a Zambian-based infrastructure investment company.

The acquisition of LHPC is a key moment for Globeleq, not only as its first hydropower investment in Africa complementing its existing portfolio of solar, wind, battery energy storage systems (BESS), hybrid solar-plus-BESS, and geothermal assets, but also because it enables active electricity trading within the SAPP.

Globeleq has called Zambia is a “priority market” and recently opened a new office in Lusaka to serve as a local hub for project development, partnerships and commercial activities.

In addition to its LHPC investment, it has made progress with various other projects in the country.

The 40 MWac (56 MWp) Kafue solar project is on track to reach financial close and start of construction during Q1 2026.

The main financing agreements were signed in December 2025 with British International Investment and FMO as joint mandated lead arranger as well as senior lenders, and Standard Bank acting as security trustee.

Globeleq is also advancing the Leopard’s Hill project – a 150 MWac solar PV plant paired with a 150 MW / 600 MWh battery – with financial close targeted later in the year.

“We are delighted to have found the right partner to advance LHPC’s long‑term potential,” said Øystein Øyehaug, investment director at Norfund.

“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.”

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