Elektron Energy Victoria Island power project development

The Lagos State Electricity Regulatory Commission (LASERC) has moved forward with the development of the Victoria Island Power Ltd. (VIPL) project, a gas-fired embedded power plant designed to provide dedicated electricity to commercial entities in Victoria Island.

In early September 2026, LASERC issued an operational licence to Elektron Energy Development Strategies Ltd. for the project. The facility, developed in partnership with Eko Power, features an initial capacity of 40 megawatts (MW) with the potential to scale to 70 MW. The project aims to provide 24-hour electricity to banking headquarters, telecommunications facilities, and multinational offices via a 12.6-kilometre underground feeder network.

By late September 2026, regulators conducted an official inspection of the 40MW facility to assess construction progress, technical specifications, and compliance with safety protocols. The project utilizes Wärtsilä as the engineering, procurement, and construction contractor and is scheduled to commence commercial operations in December 2026.