MERCURIA AND EXERGY ENERGY SIGN US$250 MILLION INVESTMENT DEAL TO ACCELERATE AFRICAN POWER PROJECTS

Investment will fund generation and transmission pipeline across Southern and Eastern Africa.

LUSAKA, Zambia, Sept. 25, 2026 /PRNewswire/ -- Exergy, an Africa-focused integrated energy investor, and Mercuria, a global energy and commodities group, have signed a US$250 million financing deal in Lusaka, marking one of the largest private capital commitments to Zambia's power sector and Mercuria's entry into the region's power market.

Subject to regulatory approvals, the funds will finance generation and transmission projects by two Exergy subsidiaries, Lunzua Power Company and Lusitu Transmission and Distribution Company, several of which are already underway.

Exergy operates across the power value chain through three subsidiaries: Lunzua Power in generation, Lusitu Transmission and Distribution in transmission, and Kanona in trading, balancing surplus and deficit positions. It actively trades in the Southern African power market and is developing several infrastructure projects, including a transmission highway linking Zambia to the East African power market.

Through its subsidiaries, its pipeline will contribute to Zambia's target of 10,000 MW of supply by 2031, a central pillar of the Grow Zambia agenda, and to the reliable supply needed by mining, agriculture, manufacturing, tourism, and industry. Regionally, its trading and cross-border ambitions support Mission 300, the World Bank and African Development Bank initiative to connect 300 million Africans to electricity by 2030.

According to Exergy, the deal signals confidence in Zambia, in the region, and in the ability of global partners to finance African energy at scale on commercial terms. With every target of the Grow Zambia agenda dependent on power, the company said it is positioned to help ensure that the country's past energy troubles are not repeated and to lead the development of a self-sustaining power ecosystem. Exergy added that Mercuria brings more than capital: as one of the world's largest energy traders, active in over 50 countries, it offers a global view of energy and commodity markets, and of how power, metals and trade connect, a perspective Exergy values as highly as the capital itself.

According to Mercuria, Zambia's stability, growth plan and regional position underpinned its decision to commit long term capital, and it is pleased to play its part in resolving the power infrastructure bottlenecks that have traditionally hindered Africa's growth. In doing so, it sought power industry expertise, a disciplined team and an execution-ready project pipeline, and found all three in Exergy—a scalable regional platform it wants to help build. Mercuria sees private capital playing a critical role in developing strategic energy infrastructure, alongside the traditional DFI and development bank model.

Both parties credited Zambia's power sector reforms, including open access in the electricity market, with enabling independent companies to build and grow. Mercuria's commitment extends beyond the signing to include market knowledge and analytics, trading risk management and global relationships in support of Exergy's delivery, combining its trading capabilities with Exergy's operational knowledge.

Bordering eight countries and sitting within the Southern African Power Pool, with growing links to East and Central Africa, Zambia is positioned as a natural hub for regional power trade.

About Exergy

Exergy Group ("EXERGY", the "Group") is an Africa-focused integrated energy holding company overseeing a portfolio of specialized businesses operating across the African electricity value chain. The Group's portfolio includes Lunzua Power Company (power generation development and investment), Lusitu Transmission & Distribution Company (transmission and distribution infrastructure development), and Kanona Power Company (power trading and market optimization). Exergy was created to capture value across Africa's evolving electricity markets through backward and forward vertically integrated businesses.

About Mercuria

Mercuria Energy Group is one of the world's largest independent energy and commodities groups. Founded in Geneva, Switzerland, Mercuria operates globally across the energy value chain, including crude oil and refined products, natural gas and LNG, power, renewable energy, metals, and carbon markets. The company is recognized for its strong focus on risk management, compliance, and operational excellence, and for its investment in energy solutions that support global energy security and the energy transition.

SOURCE Mercuria