Elektron Finance Unveils ₦200bn Bond Programme to Power Victoria Island with 30MW Gas Plant
csrreporters 
Elektron Finance SPV Plc, the funding vehicle of Elektron Energy Development Strategies Limited, has announced the launch of a ₦200 billion bond issuance programme to finance a 30MW gas-fired embedded generation plant in Victoria Island, Lagos. The project, set to begin commercial operations in 2026, is designed to deliver reliable, cleaner electricity to one of Nigeria’s most important commercial hubs.
According to a statement dated August 11, proceeds from the bond will fund the installation of three high-efficiency 10MW reciprocating gas engines supplied by Wartsila, alongside a dedicated 5km distribution network. This network will serve major commercial areas under long-term Power Purchase Agreements (PPAs) with corporate clients and the Eko Electricity Distribution Company (EKEDC).
This milestone follows Elektron’s successful debut issuance of a ₦4.64 billion, 15-year Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond, guaranteed by Infrastructure Credit Guarantee Company Plc (InfraCredit) and rated “AAA” by Agusto & Co. and Global Credit Rating Company. The Securities and Exchange Commission (SEC) approved the issuance, with proceeds channelled into the Victoria Island Power Limited (VIPL) project, a subsidiary of Elektron Power Infracom under Elektron Energy.
Construction of the plant is underway, while the distribution network is already substantially complete. Once operational, the facility is expected to reduce dependence on diesel generators, provide stable power for businesses, and serve as a model for decentralized urban energy delivery.
The project is backed by a coalition of strategic investors and partners, including InfraCredit, ARM-Harith Infrastructure Fund, Nigeria Sovereign Investment Authority, Bank of Industry, FBNQuest Merchant Bank, and Stanbic IBTC Infrastructure Fund. The bond issuance is led by Vetiva Advisory Services Limited and Anchoria Advisory Services Limited, with CardinalStone Partners Limited, ARM Capital Partners, FBNQuest Merchant Bank, and Iron Global Markets Limited as joint issuing houses. Custodian Trustees Limited serves as trustee, supported by legal counsel from Detail Commercial Solicitors and Templars.
Tola Talabi, MD and Co-CEO of Elektron Energy, thanked stakeholders for their confidence, noting the project’s role in advancing cleaner gas-powered and renewable energy infrastructure in Nigeria.
The development comes amid renewed momentum in Nigeria’s energy sector. Earlier this year, the Rural Electrification Agency (REA) signed grant agreements with nine renewable energy firms under the World Bank-funded Distributed Access through Renewable Energy Scale-Up (DARES) project, aiming to bring electricity to 17.5 million Nigerians through the deployment of 1,350 mini-grids nationwide.