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We are glad to announce the successful Ground Breaking Ceremony of the Victoria Island IPP project, Nigeria’s first commercially financed embedded independent power project —a game-changer for Nigeria's power sector.
This innovative development aims to generate 30MW of clean electricity using natural gas, driving us toward a more sustainable future.
Collaboratively developed by Elektron Energy and Eko Electricity Distribution Plc, the Victoria Island IPP project is a testament to the power of public-private partnerships. Under the umbrella of Victoria Island Power Limited (VI Power), this green field project will supply reliable and sustainable power to multiple off-takers in the Victoria Island area, including corporate offices of national and multinational companies.
This project underscores our commitment to transformative energy projects. Achieving financial close with Senior debt Lenders in Q2 2023 marks a significant milestone, setting the stage for construction to begin.
The Victoria Island IPP project aligns with the mission of ARM-Harith Infrastructure Fund – 1, to support sustainable energy solutions, replacing diesel generation with cleaner fuels and integrating in renewable energy over the long term for credible energy transition pathways for infrastructure development in Africa.
We commend the visionary leaders and dedicated teams behind this project, working together to create a prosperous and sustainable Lagos State.
Let's continue to support transformative initiatives like the Victoria Island IPP, embracing clean energy solutions and fostering partnerships. Together, we can accelerate the energy transition and create a brighter future for generations to come.