Globeleq moves to buy majority stake in Zambian hydro company


At the signing ceremony, which took place at Globeleq’s office in Cape Town, are (from left to right) Globeleq CEO Jonathan Hoffman, Norfund Investment Director Øystein Øyehaug, and Globeleq MD for business development and head of East Africa Edouard Wenseleers.
Independent power producer Globeleq has signed a share purchase agreement with Norwegian development institution Norfund for the acquisition of a 51% equity stake in Zambia’s Lunsemfwa Hydro Power Company (LHPC).
No purchase price has been disclosed, but the transaction is expected to be finalised in the second half of 2025.
The remaining 49% of LHPC will continue to be owned by Wanda Gorge Investments, a Zambia-based infrastructure investment company.
Based in Kabwe in Zambia’s Central Province, LHPC sells power to the Zambia Electricity Supply Corporation through a power purchase agreement and a portfolio of private customers, which include Copperbelt Energy Corporation and Jubilee Metals. It also holds a Southern African Power Pool electricity trading licence.
LHPC currently operates two hydroelectric power plants totalling 56 MW and is constructing a 20 MW solar PV project.
The acquisition represents Globeleq’s first investment in hydropower in Africa, where it has a diversified renewables portfolio that includes solar, wind, battery energy storage, hybrid solar plus battery, and geothermal power plants.
The company, which is owned by the UK government’s British International Investment, views Zambia as a priority country and is developing a 400-MW-plus greenfield portfolio that includes the 54 MW Kafue solar project awarded under Zambia’s GETFiT programme.
CEO Jonathan Hoffman says LHPC’s established team, operations and trading capabilities, combined with Globeleq’s African experience, will create a strong platform to support Zambia’s broader energy objectives and deliver solutions to a range of energy consumers in the region.
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