The acquisition is significant because it signifies Globeleq’s entry into the Zambian energy market. Globeleq has signed a share purchase agreement with Norfund, the Norwegian development institution, for the proposed acquisition of a 51% equity stake in Zambia’s Lunsemfwa Hydro Power Company (LHPC). Globeleq’s CEO, Jonathan Hoffman, stated that the agreement marks a pivotal step in the company’s Zambian energy market entry. He elaborated that the combination of LHPC’s established team, operations, and trading capabilities with Globeleq’s extensive experience in Africa will support Zambia’s broader energy objectives. The acquisition also represents Globeleq’s first investment in hydropower in Africa, enhancing its diversified renewable portfolio, which includes solar, wind, battery energy storage (BESS), hybrid solar plus BESS, and geothermal power plants. Globeleq has been focusing on Zambia’s energy market, with a significant greenfield portfolio of solar, wind power, BESS, and hybrid projects. The company has already completed the development of a 54MWp Kafue solar project awarded under the GETFiT Zambia programme. The acquisition of LHPC will enable Globeleq to leverage its expertise to unlock the long-term growth potential of the company. The acquisition is expected to be finalized in the latter half of 2025. ### Benefits of the Acquisition for LHPC
The acquisition will bring the following benefits to LHPC:
* Enhanced access to Globeleq’s extensive experience and expertise in the African energy sector
* Improved operational capabilities and management structure
* Increased access to global markets and trading opportunities
* Enhanced ability to deliver solutions to a range of energy consumers in the region
### Investment Highlights
The acquisition is a significant investment for Globeleq, marking the company’s first foray into hydropower in Africa. Globeleq’s investment portfolio includes:
* Solar: 54MWp Kafue solar project
* Wind:
* BESS:
* Hybrid solar plus BESS:
* Geothermal:
### What’s Next? The acquisition is expected to be completed by the latter half of 2025. Globeleq will work closely with LHPC to unlock its long-term growth potential. The company will leverage its expertise to drive sustainable and reliable energy production in Zambia. The acquisition is a significant milestone in Globeleq’s growth strategy, and it will help the company achieve its goal of supporting Zambia’s broader energy objectives.
