Globeleq, a London-headquartered independent power company focused on the African market, has acquired a 51% equity stake in Lunsemfwa Hydro Power Company ( LHPC ) from Norfund, the Norwegian development finance institution.  

The transaction represents a major step in Globeleq’s entry into the Zambian energy market and the South African Power Pool ( SAPP ). The remaining 49% of LHPC is owned by Wanda Gorge Investments, a Zambian-based infrastructure investment company. 

LHPC operates two hydroelectric power plants with a combined capacity of 56 megawatts and is constructing a 27MW ( peak ) solar PV project. Its growth pipeline includes a 200MWp solar portfolio and various hydropower expansions. 

Based in Kabwe, Zambia’s central province, LHPC supplies electricity to national utility Zesco under a long-term power purchase agreement and serves private offtakers such as Copperbelt Energy Corporation and Jubilee Metals. LHPC also holds an SAPP trading licence, enabling it to engage in regional energy trade. 

Globeleq says the acquisition is instrumental for its growth, 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. 

Zambia is a priority market for Globeleq, which 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, the company has made significant progress with its other key projects in Zambia.  The 56MWp Kafue Solar project is on track to reach financial close, with construction expected to start in the first quarter of 2026.   

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

“This partnership is a major step forward for Globeleq and Zambia’s energy sector,” says Globeleq chief executive officer Jonathan Hoffman. “LHPC’s strong operational base and ambitious growth plans align with our strategy, providing an operational entry into Zambia and active trading in SAPP.  Combined with our project pipeline, LHPC strengthens our ability to offer tailored power solutions to major consumers in the region.”