Globeleq makes entry into Zambian market with hydropower acquisition
Independent power producer Globeleq has announced the completion of its acquisition from Norfund of a 51% equity stake in Zambia’s Lunsemfwa Hydro Power Company (LHPC).
The remaining 49% of LHPC is owned by Wanda Gorge Investments, a Zambia-based infrastructure investment company.
LHPC operates two hydroelectric plants with a combined capacity of 56 MW, is constructing a 27 MWp solar PV project and has a project pipeline that includes a 200 MWp solar portfolio and various hydropower expansions.
Owned by British International Investment and Norfund, Globeleq said the transaction represented a major step in its entry into Zambia, which it had identified as a priority market, having recently opened an office in Lusaka.
It also provided access to the Southern African Power Pool (SAPP), as LHPC holds a SAPP trading licence.
Based in Kabwe, LHPC supplies electricity to ZESCO under a long-term power purchase agreement and serves private offtakers such as Copperbelt Energy Corporation and Jubilee Metals.
“LHPC’s strong operational base and ambitious growth plans align with our strategy, providing an operational entry into Zambia and active trading in SAPP,” CEO Jonathan Hoffman said in a statement.
“Combined with our project pipeline, LHPC strengthens our ability to offer tailored power solutions to major consumers in the region,” he added.
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