Jul 15 | 2023
Elektron Energy Development Strategies Limited,has officially broken ground on the 30MW Victoria Island Power Plant Project
Elektron Energy Development Strategies Limited, an energy infrastructure platform, has officially broken ground on the 30MW Victoria Island Power Plant Project in Nigeria’s economic hub of Lagos, amidst efforts to boost reliable power supply in Africa’s most populous country.
Elektron is partnering with Eko Electricity Distribution Plc, a Lagos based power distribution company (Disco), to deliver the project. ARM-Harith Infrastructure Investment Limited is supporting the project as development partner, with financing from the African Development Bank, the Bank of Industry, and FBNQuest.
Once completed, the 30MW embedded natural gas-fired plant will supply electricity through Eko Electricity Distribution’s dedicated 33kV and 11kV distribution networks to customers in Victoria Island, an upmarket area and major business district in Lagos.
“The project is the first commercially funded embedded power project in Nigeria and sets the template for how privately developed and financed power will be delivered in Nigeria in the future,” CEO at ARM-Harith Infrastructure Investment Tariye Gbadegesin said. “When the project is completed, Victoria Island can look forward to 24/7 uninterrupted power.”
The Victoria Island Power Plant Project, when completed, will help in achieving decarbonisation goals in Nigeria, as the gas to power initiative displaces polluting fuel generators used by customers to supplement the electricity shortfall from the grid. Wärtsilä is the contractor in charge of engineering, procurement and construction.
“It has the potential to eradicate up to 1000 diesel generators within its coverage area, drastically reducing emissions and promoting a cleaner environment,” InfraCredit said after the project’s ground breaking ceremony. The company provided a blended finance guarantee to Elektron.
Last month, Nigeria passed legislation that decentralizes the decision-making process around how electricity is generated, distributed and regulated, allowing states to license and regulate electricity markets within their regions.
The new electricity act is expected to create opportunities for innovation, competition and investments in the power sector, boosting electricity supply for consumers.
Elektron is partnering with Eko Electricity Distribution Plc, a Lagos based power distribution company (Disco), to deliver the project. ARM-Harith Infrastructure Investment Limited is supporting the project as development partner, with financing from the African Development Bank, the Bank of Industry, and FBNQuest.
Once completed, the 30MW embedded natural gas-fired plant will supply electricity through Eko Electricity Distribution’s dedicated 33kV and 11kV distribution networks to customers in Victoria Island, an upmarket area and major business district in Lagos.
“The project is the first commercially funded embedded power project in Nigeria and sets the template for how privately developed and financed power will be delivered in Nigeria in the future,” CEO at ARM-Harith Infrastructure Investment Tariye Gbadegesin said. “When the project is completed, Victoria Island can look forward to 24/7 uninterrupted power.”
The Victoria Island Power Plant Project, when completed, will help in achieving decarbonisation goals in Nigeria, as the gas to power initiative displaces polluting fuel generators used by customers to supplement the electricity shortfall from the grid. Wärtsilä is the contractor in charge of engineering, procurement and construction.
“It has the potential to eradicate up to 1000 diesel generators within its coverage area, drastically reducing emissions and promoting a cleaner environment,” InfraCredit said after the project’s ground breaking ceremony. The company provided a blended finance guarantee to Elektron.
Last month, Nigeria passed legislation that decentralizes the decision-making process around how electricity is generated, distributed and regulated, allowing states to license and regulate electricity markets within their regions.
The new electricity act is expected to create opportunities for innovation, competition and investments in the power sector, boosting electricity supply for consumers.
