Globeleq Acquires Majority Stake in Lunsemfwa Hydro Power Company

Globeleq, a leading independent power company in Africa, has completed the acquisition of a 51% equity stake in Lunsemfwa Hydro Power Company (LHPC) from Norfund, the Norwegian development finance institution. This transaction marks Globeleq's formal entry into the Zambian energy market and the Southern African Power Pool (SAPP). LHPC operates two hydroelectric power plants with a combined capacity of 56 MW and is developing a 27 MWp solar PV project, with a pipeline for further solar and hydropower expansions. The remaining 49% of LHPC is owned by Wanda Gorge Investments. Globeleq, co-owned by British International Investment and Norfund, has identified Zambia as a priority market and recently opened an office in Lusaka. The company is also advancing other projects in Zambia, including the 40 MWac Kafue Solar project and the 150 MWac Leopard's Hill solar PV plant paired with a 150 MW / 600 MWh battery. This acquisition is Globeleq's first hydropower investment in Africa, complementing its existing portfolio of solar, wind, battery energy storage systems, and geothermal assets, and enabling active electricity trading within the SAPP.