Globeleq has completed its acquisition of a 51% equity stake in Lunsemfwa Hydro Power Company (LHPC) from Norfund, finalising a transaction first announced in June last year when the parties signed a share purchase agreement.
According to Globeleq, the deal gives the company a controlling interest in the Kabwe-based generator while the remaining 49% is held by Wanda Gorge Investments.
LHPC operates two hydropower plants with a combined capacity of 56 MW and is constructing a 27 MWp solar photovoltaic project. The company also reports a development pipeline that includes a 200 MWp solar portfolio and potential hydropower expansions.
LHPC supplies electricity to ZESCO under a long-term power purchase agreement and serves private offtakers including Copperbelt Energy Corporation and Jubilee Metals.
The company also holds a trading licence within the Southern African Power Pool (SAPP) enabling cross-border electricity trade.
For Globeleq, the acquisition represents its first hydropower investment in Africa and a strategic entry into Zambia’s energy market.
Globeleq Chief Executive Jonathan Hoffman said LHPC provides the company with an operational platform in Zambia.
“This supports our ability to participate in SAPP trading alongside its broader portfolio of solar, wind, battery storage and geothermal assets,” Hoffman said.
