The independent producer Globeleq announced on Wednesday 19 June the signing of an agreement to buy 51% of the shares of Lunsemfwa Hydro Power Company (LHPC) from Norfund, the Norwegian development bank. LHPC operates two hydroelectric power plants in Zambia totalling 56 MW and is developing a 20 MW solar photovoltaic project in the central province of

Lunsemfwa Hydro Power Company currently owns two hydroelectric power plants located in Kabwe, in the Central Province of Zambia, representing a combined capacity of 56 megawatts (MW). LHPC is also developing an additional solar photovoltaic project with a capacity of 20 MW. The remaining 49% of LHPC shares remain owned by Wanda Gorge Investments, a Zambian infrastructure company

LHPC sells the electricity generated to Zambia Electricity Supply Corporation (ZESCO), under a Power Purchase Agreement (PPA), as well as to private customers such as Copperbelt Energy Corporation and Jubilee Metals. The company also has an electricity trading license with the Southern African Power Pool (SAPP

This transaction is Globeleq's first foray into hydropower on the African continent. The acquisition is part of a broader strategy to diversify its renewable energy assets, in addition to its existing assets including solar, wind, battery energy storage systems (BESS), hybrid systems combining solar and BESS, as well as geothermal power plants