- Globeleq secures 51% equity in Lunsemfwa Hydro Power Company from Norfund.
- Transaction marks company’s first hydropower investment in Africa and entry into SAPP trading.
- 200 MWp solar pipeline and hydropower expansions strengthen Zambia growth strategy.
Globeleq has completed the acquisition of a 51% equity stake in Lunsemfwa Hydro Power Company from Norfund, marking its formal entry into the Zambian energy market and the Southern African Power Pool.
The remaining 49% shareholding in Lunsemfwa Hydro Power Company is held by Wanda Gorge Investments.
Based in Kabwe in Zambia’s Central Province, Lunsemfwa Hydro Power Company operates two hydropower plants with a combined installed capacity of 56 MW and is currently developing a 27 MWp solar PV project. The company’s expansion pipeline includes a 200 MWp solar portfolio and several hydropower upgrades.
The utility supplies electricity to ZESCO under a long term power purchase agreement and also serves private off takers including Copperbelt Energy Corporation and Jubilee Metals. The company holds a Southern African Power Pool trading licence, enabling participation in regional electricity markets.
For Globeleq, the acquisition represents its first hydropower investment on the continent, complementing its existing portfolio of solar, wind, battery energy storage systems, hybrid solar plus storage and geothermal assets. The transaction also enables the company to actively trade power within the Southern African Power Pool market.
Zambia has been identified as a priority market for Globeleq, which recently established a Lusaka office to support local project development and commercial operations. Alongside its investment in Lunsemfwa Hydro Power Company, the company is advancing several other projects in the country.
The 40 MWac 56 MWp Kafue Solar project, procured under the GET FiT Zambia programme, is on track to achieve financial close and commence construction in Q1 2026. Following the signing of key project agreements in August 2025, including power purchase and grid connection agreements with ZESCO and an implementation agreement with the Government of Zambia, financing agreements were concluded in December 2025. British International Investment and FMO are acting as joint mandated lead arrangers and senior lenders, with Standard Bank serving as security trustee.
Globeleq is also progressing the 150 MWac Leopard’s Hill solar PV project, which will be paired with a 150 MW 600 MWh battery energy storage system. Financial close is targeted later this year.
Author: Bryan Groenendaal
