Lagos businesses get hope as 40MW power plant nears completion

• Elektron Energy's 40MW embedded power plant in Victoria Island is almost ready for commissioning.

• The project aims to provide reliable electricity to businesses and reduce dependence on diesel generators.

• It is being developed with EKEDC under the Lagos State Electricity Regulatory Commission's license.

• Businesses can already register their interest in joining the network before operations begin.

Elektron Energy says its 40MW embedded power plant on Victoria Island, Lagos, is almost ready, raising hopes for thousands of businesses that have spent years battling unstable electricity and the rising cost of running diesel generators.

The company shared the update during its Victoria Island Power Customer Experience Day on Thursday, where customers, business owners and industry stakeholders toured the facility and received updates on the project ahead of its commissioning.

During the event, attendees were taken through the technical details of the project, including the 40-megawatt power plant, the Wärtsilä engine technology driving it and how the facility is expected to supply electricity directly to businesses on Victoria Island.

The project is being developed in partnership with Eko Electricity Distribution Company (EKEDC) under a licence issued by the Lagos State Electricity Regulatory Commission (LASERC).

According to Elektron Energy, the embedded power project is designed to provide dedicated and more reliable electricity to businesses in Victoria Island through a professionally managed distribution network.

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For many businesses in the commercial district, unreliable public power has meant relying heavily on generators, pushing up operating costs through expensive diesel, maintenance and frequent disruptions.

The company believes the new plant will offer businesses a dependable alternative while helping them better predict their electricity costs.

Speaking at the event, Elektron Energy's Executive Director of Business Development, Ayomide Oladapo, said businesses in Victoria Island have operated under difficult power conditions for years.

“For years, businesses in Victoria Island have had to operate within the constraints of unreliable power, either absorbing the cost and complexity of self-generation or navigating the uncertainty of the grid. Neither model provides the predictability businesses need to plan, invest and grow with confidence.

“Victoria Island Power changes that equation. By delivering clean, dedicated, professionally managed electricity infrastructure, we are giving businesses access to reliable power without the burden of fuel logistics, generator maintenance or operational disruption. Ultimately, this project is centered on creating the confidence businesses need to focus on growth, productivity and long-term success.”

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The power plant uses Wärtsilä engine technology, which is widely deployed in electricity generation projects around the world because of its operational flexibility and efficiency.

Also speaking at the event, Wärtsilä Site Manager, Energy Services & Upgrade, Mika Gummerus, said the project demonstrates what is possible when technology and long-term planning come together.

“Victoria Island Power shows what happens when the right technical expertise, infrastructure and long-term planning come together. Wärtsilä brings decades of experience engineering flexible, efficient power generation, and through our partnership with Elektron, we’re applying that expertise to deliver embedded power directly to one of Lagos’ most important commercial districts.

“It’s a model built on close collaboration; from system design through to operation – and it’s helping make power there more dependable and efficient for the businesses that rely on it.”

The project has attracted backing from major Nigerian financial institutions, including the ARM-Harith Infrastructure Fund, Nigeria Sovereign Investment Authority (NSIA), InfraCredit and the Bank of Industry (BOI).

Elektron Energy also announced that businesses interested in connecting to the Victoria Island Power network can begin registering ahead of the plant's official commissioning.