The demand for electricity in Nigeria far exceeds the supply, resulting in a substantial gap between the two. This gap leads to frequent power outages, inadequate access to electricity, and reliance on alternative and often unreliable sources of energy like generators. It poses a significant hindrance to economic growth, industrial development, and the overall quality of life for Nigerians.
These challenges have necessitated the involvement of private stakeholders to bridge the power generation gap. Rising to the occasion is Elektron Energy Development Strategies Limited (Elektron Energy), an energy infrastructure company that acquires, develops and owns energy infrastructure projects in West Africa. Partnering with Eko Electricity Distribution Plc. (EKEDP), Elektron Energy has embarked on a 30-megawatts (MW) embedded natural gas-fired power plant in Lagos. worth $50 million.
Lagos State governor, Babajide Sanwo-Olu, while speaking at the groundbreaking ceremony held in Victoria Island, through his representative, Olusola Shasore, Permanent Secretary of the Ministry of Energy and Mineral Resources said: “We understand that reliable steady power builds commerce, commerce builds capital and capital brings industrialisation and industrialisation brings employment to our youths, which is our area of interest. We are available to whoever is interested in bringing power to the state because we have to do everything we really need to do for Lagos to have power as the economic hub of the country.
We are in very interesting times with the New Electricity Act and it can be very good times for us if we are very collaborative. We believe that it is the private sector that would drive this achievement for us.”The CEO of Elektron Energy, Mr Tola Talabi, in his speech, acknowledged the presence of dignitaries such as Tariye Gbadegesin, the Managing Director and Chief Executive Officer of ARM-Harith Infrastructure Investment Limited, the co-equity sponsors of the embedded IPP; the Board and Management of Elektron Energy including the Chief Operating Officer (COO), Mr Jide Onakoya; the Board and Management of Eko Disco; the Debt Providers: FBN Quest, Bank of Industry (BOI), Infra Credit; and the technical partners, Wartsila.”
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