Elektron’s 40MW VI power project gets operating licence

Elektron Energy Development has been granted the operating licence for its 40MW Victoria Island Power (VIPL) project in Lagos.

The Lagos State Electricity Regulatory Commission (LASERC) announced it granted the licence in a statement.  

The licence moves the project closer to its scheduled commercial operation in December 2026 when it is expected to provide dedicated electricity to businesses in Victoria Island.

LASERC Chief Executive Officer, Temitope George, said licensing developers such as Elektron aligns with the Commission’s mandate to promote a transparent and efficient electricity market in Lagos State.

She said the approval supports the state’s energy security and industrial growth objectives.

“Lagos State Electricity Regulatory Commission (LASERC) on Wednesday officially issued an operational license to Elektron Energy Development at the Commission’s conference room, marking a major milestone in the advancement of reliable energy infrastructure and sustainable economic development within the region,” the statement reads in part.

Executive Member for Licensing and Economic Regulation, Olakunle Falola, said LASERC remained focused on fair pricing, consumer protection and sustainable competition.

Executive Member for Engineering and Standards, Adekunle Olopade, said Elektron had met the required safety, structural and operational standards.

Elektron CEO, Tola Talabi, said the company was ready to deploy reliable energy solutions and comply with regulatory standards.

Talabi thanked LASERC for the regulatory process and said the company remained committed to supporting local economic activity.

The Victoria Island Power project is a 40MW gas-fired embedded power plant being developed by Elektron Energy in partnership with Eko Electricity Distribution Company (EKEDC). The first phase is designed to scale to 70MW at full build-out.

The plant uses Wärtsilä generation engines, which have been installed, while supporting infrastructure is at an advanced stage.

A 12.6-kilometre underground feeder network is being integrated to distribute electricity to connected customers across Victoria Island.

The project is expected to provide 24/7 dedicated electricity to banking, hospitality, telecommunications and multinational businesses.

Wärtsilä is the engineering, procurement and construction contractor and will provide long-term operations and maintenance support.

The licence comes as Lagos expands its framework for decentralised electricity supply and private-sector participation.