20MW joint-venture with Lunzua Power; 10MW first phase launched and due to be complete by Jan-2027. The plant will produce clean power for industrial users and create around 100 construction jobs in Mwandi District during construction.

MWANDI, Western Province, Zambia — 3 September, 2026 — Valinor Investments Limited (“Valinor”), the rural investment platform of Thebe Investment Management Limited (“Thebe”), and Lunzua Power Company Limited (“Lunzua”) have broken ground on a 10-megawatt (MW) solar photovoltaic (PV) plant in Mwandi District. The joint venture, worth an estimated US$8 million, is Valinor’s first energy investment and will add clean, renewable power to Zambia’s national grid.

The project is the first expression of Valinor’s investment mandate: to place long-term capital in rural Zambia so that the value of what a district has to offer — in this case, some of the strongest solar resource in the country — is realised within the district itself, through local jobs, local infrastructure and a permanent presence in the community.

The total project cost, which includes an evacuation line connecting the plant to ZESCO’s national grid, will be financed on a 30:70 equity-to-debt basis by Valinor and Lunzua.

Construction is being carried out by SANY International (Zambia) Industrial Company Limited, the appointed contractor, already on site on the roughly 40 hectares reserved for the project in Mwilima area, Mwandi District.

Once complete, the plant will have an installed capacity of 11 megawatt-peak (MWp) or 10 megawatt alternating current (MWac) and generate approximately 22 gigawatt-hours (GWh) of electricity a year, enough to supply around 4,600 homes annually. The project will create around 100 jobs over the six-month construction period, and several permanent roles once the plant is operational.

Mwiya Musokotwane, Chief Executive Officer of Thebe Investment Management, said:

“This project represents a first step towards our longer-term ambition to develop 1 GW of power generation assets in Zambia over the next decade — first with renewable solar and, over time, with firm, persistent base-load too. It is also representative of our broader model: partnering with communities, customary leaders and leading commercial industry partners to develop world-class assets that uplift Zambia overall. We look forward to developing more of these assets with Lunzua and other partners.”

Mumamba Mwansa, Director of Valinor Investments Limited and COO Projects/Managing Partner at Thebe Investment Management Limited, said:

“Under Valinor, we invest in rural projects so that citizens can extract and enjoy the value of what their areas have to offer. Our feasibility studies showed how Mwandi could benefit from solar energy, and we are delighted to have partnered with Lunzua to make it happen. We are grateful to Senior Chief Anang’anga Imwiko, the Barotse Royal Establishment, the traditional leadership and local stakeholders for warmly welcoming our teams, and we look forward to working with SANY International (Zambia) through to completion.”

Crispin Mowa Zambwe, the Leashimba & Head of the Mwandi BRE Kuta, said:

“We are looking forward to the completion of the project. It will benefit the local community in terms of employment for our children. We promise to cooperate with the people working on the project.”

Mwilima Akakulubelwa, Chairperson of the Mwilima Multipurpose Cooperative, added:

“As a cooperative and as a family, we are happy with this solar plant because nothing like it has happened in our area before. We are grateful to our partners for a project that will change Mwandi’s economic outlook. Most residents here are fishermen, so an initiative that provides alternative employment will make a real difference to livelihoods.”

Martin Kasemuka, Chief Executive Officer of Lunzua Power Company, said:

“We are delighted to begin construction of this plant — the first renewable power generation project in Mwandi. This investment reflects our conviction that well-structured solar assets will meaningfully improve energy security for the people of Mwandi. Together with our partners at Valinor, we are helping to build a more secure and resilient national supply and to strengthen the grid. We are equally proud that the project will create around 100 jobs over the six-month construction period, and several permanent roles once the plant is operational.”

Joel Mwale, Lunzua Power Company’s Head, Renewable Energy, added at the groundbreaking ceremony in Mwilima:

“The journey to get to this groundbreaking ceremony has been long, but well worth the wait because we believe that this 10MWac solar plant will positively impact the local economy in Mwandi District and the wider Western Province through job creation, initially at the construction phase of development, and subsequently once the plant is operational. This 10MW solar plant is significant because we are helping to develop Mwandi District. The evacuation line, which is being fed directly into the national grid, will help to provide power to customers and further narrow the national power deficit.”

The project is a joint venture of Zambian companies. Valinor is a subsidiary of Thebe Investment Management Limited and Lunzua is a subsidiary of the Zambia-anchored integrated end-to-end power value chain investor Exergy Energy Limited

About Valinor Investments Limited

Valinor is the rural investment subsidiary of Thebe Investment Management Limited. Its mandate is to invest in rural Zambia — in energy, land and productive infrastructure — with a view to enhancing rural development and stimulating greater economic activity, so that the value of a district’s resources is realised by the people who live there. The Mwandi solar plant is Valinor’s first energy project.

About Thebe Investment Management Limited

Thebe is a Lusaka-based permanent-capital investment group. Since its founding in 2014 it has built a diverse portfolio of urban and rural projects valued at over US$4 billion, and is one of Africa’s leading land developers. Valinor extends that platform into rural investment and power generation.

About Lunzua Power Company Limited

Lunzua Power Company Limited (“Lunzua”) is an independent power producer built to develop, own, and operate power generation assets that deliver firm, reliable power to Zambia’s industrial, mining, and utility sectors. Anchored in Zambia, with a Sub-Saharan Africa perspective, Lunzua is building a portfolio of assets designed for the long-term energy security of the region’s economies. Lunzua is a subsidiary of the Zambia-anchored integrated end-to-end power value chain investor Exergy Energy Limited.

Media Contacts

Valinor Investments Limited
Mubiana Kabaghe
https://thebe-im.com / mubiana.k@thebe-im.com

Lunzua Power Company
Chama Nsabika
+260 977 792922
press@lunzuapower.com