- Globeleq has signed a share purchase agreement with Norfund, the Norwegian development institution for the proposed acquisition of a 51% equity stake in the Zambian entity, Lunsemfwa Hydro Power Company (LHPC).
- LHPC operates two hydroelectric power plants totaling 56MW and is constructing a 20MW solar PV project.
- The remaining 49% of LHPC is owned by Wanda Gorge Investments, a Zambian 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 (SAPP) electricity trading license.
This agreement marks a pivotal step for Globeleq’s Zambian energy market entry where Globeleq can provide solutions to a range of public and private energy intensive consumers. This acquisition also represents the company’s first investment in hydropower in Africa, further enhancing its diversified renewable portfolio which includes solar, wind, battery energy storage (BESS), hybrid solar plus BESS, and geothermal power plants. Zambia is a priority country for Globeleq’s growth strategy where the company is leading the development of a 400MW+ greenfield portfolio of solar, wind power, BESS and hybrid projects, including its 54MWp Kafue solar project awarded under the GETFiT Zambia programme.
The completion of the transaction is expected to be finalised in the second half of 2025.
Author: Bryan Groenendaal
