Elektron Finance SPV Plc, backed by Elektron Energy Development Strategies Ltd, is launching a N17 billion Series 1 infrastructure bond maturing in 2040, as part of its N200 billion bond program. The funds will be used to develop a 30MW gas-fired embedded power plant in Victoria Island, Lagos, supporting power generation in West Africa. Partnering with Eko Electricity Distribution Plc, the 15-year bond is fully guaranteed by InfraCredit, rated “AAA,” offering a low-risk investment.
Project Highlights
The Victoria Island Power Limited (VIPL) project will deliver a 30MW gas-fired embedded generation plant and a 5km dedicated distribution network to serve key commercial areas. It includes long-term PPAs with major off-takers and EKEDC, aiming to reduce diesel use, cut emissions, and boost economic activity.
Advancing Energy Security
The bond supports Nigeria’s shift toward sustainable energy, helping bridge power gaps, improve efficiency, and drive economic growth. Elektron Energy continues to expand its portfolio through strategic partnerships and innovative financing, contributing to a cleaner, more reliable energy future.Nigeria’s energy sector is expanding, with the Rural Electrification Agency (REA) signing grant agreements with nine renewable energy firms to bring electricity to 17.5 million people. This marks the first phase of the World Bank-funded DARES project, launched in 2024, which plans to deploy 1,350 mini-grids, according to REA Managing Director Abba Aliyu.
