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Globeleq, a leading independent power producer in Africa, has signed a share purchase agreement with Norfund, the Norwegian development finance institution, to acquire a 51% equity stake in Lunsemfwa Hydro Power Company (LHPC), a Zambian-based energy company. LHPC operates two hydroelectric power plants with a combined capacity of 56MW and is currently developing a 20MW solar PV project. The remaining 49% stake in LHPC is held by Wanda Gorge Investments, a Zambian infrastructure investment firm. Located in Kabwe, in Zambia’s Central Province, LHPC supplies electricity to the Zambia Electricity Supply Corporation under a power purchase agreement and serves private clients such as Copperbelt Energy Corporation and Jubilee Metals. The company also holds a license to trade electricity through the Southern African Power Pool (SAPP).
This acquisition marks Globeleq’s first investment in hydropower and a strategic entry into Zambia’s energy market, enabling the company to offer power solutions to a broad range of public and private sector customers. The move strengthens Globeleq’s renewable energy portfolio, which already includes solar, wind, battery energy storage (BESS), hybrid solar-plus-storage, and geothermal assets across Africa. Zambia is a key market in Globeleq’s long-term growth strategy, with the company actively developing over 400MW of greenfield renewable energy projects, including its 54MWp Kafue solar PV project awarded under the GETFiT Zambia programme.
Jonathan Hoffman, Globeleq’s CEO commented,”We are excited about this opportunity to enter the Zambian market. LHPC’s established team, operations and trading capabilities combined with our extensive experience in Africa, create a strong platform to support Zambia’s broader energy objectives and deliver solutions to a range of energy consumers in the region.”
Øystein Øyehaug, Investment Director at Norfund added,”In seeking a partner for this transition, our priority was to find the right investor—one with the capability to manage well, enhance operational performance, elevate standards, and unlock the long-term growth potential of LHPC. With more than 20 years of experience operating in Africa, we are confident that Globeleq is the right fit to lead the LHPC into its next chapter.”
