LASERC Licenses Elektron’s 40MW Power Project in Lagos

The Lagos State Electricity Regulatory Commission (LASERC) has issued an operational licence to Elektron Energy Development for its 40MW Victoria Island Power (VIPL) project in Lagos. This announcement was made on Wednesday, moving the project closer to its anticipated commercial operation date in December 2026, when it will supply dedicated electricity to businesses in Victoria Island.

LASERC's Chief Executive Officer, Temitope George, stated that licensing developers like Elektron aligns with the Commission's goal of fostering a transparent and efficient electricity market in Lagos State. The project, a gas-fired embedded power plant, is being developed in partnership with Eko Electricity Distribution Company (EKEDC) and is designed to scale to 70MW at full capacity.

Wärtsilä is responsible for engineering, procurement, and construction, along with long-term operations and maintenance support. The approval is part of Lagos State's broader initiative to enhance decentralized electricity supply and private-sector involvement, with LASERC having approved 14 electricity licences and permits in May 2023.