GLOBELEQ CONFIRMS ACQUISITION OF A MAJORITY STAKE IN ZAMBIA'S LUNSEMFWA HYDRO POWER COMPANY

LUSAKA, Zambia, March 3, 2026 /PRNewswire/ -- Globeleq, the leading independent power company in Africa, has completed its acquisition of 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 MW and is constructing a 27 MWp solar PV project. Its growth pipeline includes a 200 MWp solar portfolio and various hydropower expansions. 

Based in Kabwe, Zambia's Central Province, LHPC supplies electricity to ZESCO, the national utility, under a long-term power purchase agreement and serves private off-takers such as Copperbelt Energy Corporation and Jubilee Metals. LHPC also holds a SAPP trading license, enabling regional energy trade.

The acquisition of LHPC is instrumental for Globeleq, 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 40 MWac (56 MWp) Kafue Solar project, which was procured through the GET FiT Zambia programme is on track to reach financial close and start of construction in Q1 2026. Following the signing in August 2025 of the key project agreements, including the power purchase and grid connection agreements with ZESCO and the implementation agreement with the Government of Zambia, the main financing agreements were signed in December 2025 with British International Investment and FMO as joint mandated lead arranger.

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

Jonathan Hoffman, CEO of Globeleq, said:
"This partnership is a major step forward for Globeleq and Zambia's energy sector. 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."

Øystein Øyehaug, Investment Director at Norfund, added:
"We are delighted to have found the right partner to advance LHPC's long–term potential. Globeleq has the expertise and resources needed to enhance LHPC's performance and drive its future development. This transaction supports our mission to promote sustainable development and expand access to clean energy in Zambia."

About Globeleq
Globeleq is the leading developer, owner, and operator of electricity generation in Africa, delivering tailored energy solutions and supporting the region's energy transition. Since 2002, Globeleq has built a diverse portfolio of independent power plants generating 1,850 MW across eight countries, with 665 MW under construction and more than 2,000 MW in development. Globeleq is owned by British International Investment and Norfund, the UK and Norwegian development finance institutions. More details: www.globeleq.com

About Norfund
Norfund is the Norwegian Investment Fund for developing countries, with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund's committed portfolio amounts to USD 3.8 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Norfund also manages the Norwegian Climate Investment Fund, which focuses on reducing greenhouse gas emissions by investing in renewable energy in developing countries. More details: www.norfund.no

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