The Lagos State Electricity Regulatory Commission (LASERC) has granted Elektron Energy Development Strategies Limited a licence to generate electricity in Lagos State.

The approval is expected to support the company’s plans to expand power generation and provide more reliable electricity to businesses and communities across the state.

LASERC said the licence was issued after assessing Elektron Energy’s technical, operational and regulatory capacity to operate within the state’s electricity market.

The development is part of Lagos State’s efforts to attract private investment into power generation and improve electricity supply through decentralised power projects.

Elektron Energy’s Chief Executive Officer, Tola Talabi, said the approval would provide the regulatory backing needed to develop dependable power infrastructure for commercial and industrial users.

The licence comes as the company prepares to begin commercial operations at its Victoria Island Power Limited (VIPL) project in December 2026.

The first phase of VIPL is a 40-megawatt gas-fired embedded power plant being developed in partnership with Eko Power, formerly known as Eko Electricity Distribution Company. The facility is designed to expand to 70MW.

The project will supply electricity to customers in Victoria Island through a 12.6-kilometre underground network, with major businesses such as banks, hotels, telecommunications companies and multinational firms expected to benefit.

Elektron Energy has operated embedded power projects in Nigeria for more than 14 years. Its existing projects include a 10.6MW plant serving Lagos State government facilities in Alausa and a 7MW facility supplying Rack Centre, a data centre in Ikeja.

The company also has plans for additional embedded power projects in Sangrosse, Ogba, Ibeju-Lekki and Tokarawa, with combined proposed capacity of 140MW.