The Lagos State Electricity Regulatory Commission (LASERC) has issued Elektron Energy Development Strategies Ltd. a licence to generate electricity in Lagos State.
The Chief Executive Officer of Elektron Energy, Mr Tola Talabi, disclosed this in a statement on Wednesday in Lagos.
Talabi said the licence reflected LASERC’s confidence in the company’s technical, operational and regulatory capacity to contribute to electricity generation in the state.
He said the licence also aligned with the state government’s efforts to decentralise electricity supply, attract private sector investment and expand access to reliable and affordable power.
“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,” he said.
Talabi said the licence issuance coincided with a key phase in the development of Elektron’s flagship Victoria Island Power Ltd. (VIPL) project, which is scheduled to commence commercial operations in December 2026.
He said VIPL Phase 1, developed in partnership with Eko Power, formerly known as Eko Electricity Distribution Company (EKEDC), was a 40-megawatt (MW) gas-fired embedded power plant, scalable to 70 MW.
According to him, the project is designed to provide dedicated power to businesses in Victoria Island, including banking headquarters, hospitality companies, telecommunications facilities and multinational offices.
He said several construction milestones had been achieved, including the installation of Wärtsilä generation engines, while supporting infrastructure was at an advanced stage.
Talabi said that upon completion, VIPL would provide 24-hour electricity to connected customers through a 12.6-kilometre underground feeder network.
He said Elektron Energy had been developing and operating embedded power infrastructure in Nigeria for more than 14 years.
Its portfolio, he said, included the Alausa Independent Power Project, a 10.6 MW gas-fired plant with a 15-kilometre distribution network, which had supplied electricity to Lagos State Government facilities since 2013.
Talabi said the generation licence would enable Elektron to play a more active role in the development of the Lagos electricity market.
He said the company remained committed to supporting the state’s efforts to decentralise power supply and reduce reliance on the national grid.
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