Globeleq closes financing for 40MW Zambia solar project after eight years

What's the deal? GlobeleqDealroom has a profile for this one. Try Dealroom →, a power producer active across southern Africa, has reached financial close on Kafue Solar, a 40MWac (56MW) project near Kafue, Zambia. FMO and British International Investment provided the financing, while state utility ZESCO will buy the electricity produced.

Why now? The close comes nearly eight years after development first began on the project, which Globeleq won under the GET FiT Zambia program. It clears the way for construction to start.

The details: Kafue comprises two adjacent 20MWac plants and is expected to produce roughly 123GWh per year. First output is scheduled for October 2027.

What's the endgame? Globeleq has sharply accelerated its Zambian build-out since 2025. In March 2026 it completed the acquisition of 51% of Lunsemfwa Hydro Power CompanyDealroom has a profile for this one. Try Dealroom →, which runs 56MW of hydro and holds a trading license on the Southern African Power Pool (SAPP). It opened a Lusaka office in 2025 as a development and commercial hub.

In April the group launched Leopards Hill, pairing 250MWp of solar with 150MW/600MWh of storage. Its Zambian portfolio also includes the 300MW Mpika wind project, giving it a mix of hydro, solar, batteries, and wind, plus the ability to trade power regionally.

What's next? The next milestone is financial close and development of Leopards Hill, which Globeleq aims to reach by the end of 2026. That would make it one of the country's largest power producers.

The signal: Zambia is taking a growing place in Globeleq's southern African portfolio, which already spans South Africa and Mozambique. The spread across hydro, solar, storage, and wind — backed by development finance institutions and regional trading access — points to a strategy built around diversified generation and cross-border power markets.

Read more: agenceecofin.com