Peter Uzoho
Lagos State Electricity Regulatory Commission (LASERC) has officially issued an electricity generation licence to Elektron Energy Development Strategies Limited, authorising the company to generate electricity within the state.
The licence, according to a statement, reflects LASERC’s confidence in Elektron’s technical, operational, and regulatory capabilities to contribute meaningfully to power generation within the state.
The authorisation strengthens Elektron’s role in shaping Lagos State’s decentralised electricity market as the flagship Victoria Island Power project moves closer to commercial operation.
The licence also aligns with Lagos State’s broader ambition to decentralise electricity delivery, encourage private-sector investment, and expand access to reliable, affordable power across its commercial ecosystems, an ambition strengthened by ongoing reforms in the Nigerian power sector.
Commenting on the milestone, Chief Executive Officer of Elektron Energy,
Tola Talabi, said, “This licence represents an important step forward for Elektron and for the businesses and communities we serve.
“It affirms Lagos State’s confidence in our platform and gives us the regulatory foundation to continue delivering the kind of dependable, purpose-built power infrastructure that Nigeria’s commercial and industrial ecosystems increasingly require. Reliable, professionally-managed power is central to how Lagos will grow. We are proud to play a role in building it.”
The licence issuance coincides with a defining phase for Elektron’s flagship project, Victoria Island Power (VIPL), which remains on track for scheduled commercial operation date in December 2026.
Developed by Elektron, in partnership with Eko Power (formerly EKEDC), VIPL Phase 1 is a 40-megawatt gas-fired embedded power plant, scalable to an eventual 70 MW at full build-out, purpose-built to serve Victoria Island’s most operationally demanding businesses, including banking headquarters, hospitality groups, telecommunications infrastructure, and multinational offices.
Several key construction milestones have already been achieved, the company said.
It added that the project was progressing in line with this timeline, and several critical milestones had already been achieved.
According to Elektron, the plant’s Wärtsilä generation engines have been installed while critical supporting infrastructure are at an advanced stage of construction.
Once operational, the company assured that VIPL will deliver 24/7 dedicated electricity to connected customers through 12.6 kilometres of underground feeder network.
Elektron Energy has been developing and operating embedded power infrastructure across Nigeria for over 14 years and its existing portfolio includes the Alausa Independent Power Project, a 10.6 MW gas-fired plant with a 15-kilometre distribution network that has powered Lagos State government facilities since 2013.
It also includes a 7MW installation supplying Rack Centre, a Tier III data centre in Ikeja that forms part of Nigeria’s critical digital infrastructure.
Beyond VIPL, Elektron’s development pipeline includes further embedded power projects at Sangrosse (40 MW), Ogba (40 MW), Ibeju-Lekki (40 MW), and Tokarawa (20 MW).
VIPL is backed by a consortium of institutional investors including ARM-Harith Infrastructure Fund, InfraCredit, Nigeria Sovereign Investment Authority, and Bank of Industry, with Wärtsilä serving as the project’s Engineering, Procurement and Construction (EPC) contractor and long-term operations and maintenance partner.
The generation licence positions Elektron to play an active role in shaping the future of the Lagos electricity market.
As the state advances its strategy to decentralise power delivery and reduce over-reliance on the national grid, Elektron says it remains committed to delivering the resilient, purpose-built infrastructure that Nigeria’s most productive commercial economies require.