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Elektron Finance SPV Plc, the funding arm of energy infrastructure group Elektron Energy Development Strategies Limited, has made its debut in Nigeria’s debt capital market with the launch of a N200 billion bond issuance programme and the successful closure of a N4.64 billion Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond.
The 15-year Series 1 bond, guaranteed by Infrastructure Credit Guarantee Company Plc (InfraCredit) and rated “AAA” by both Agusto & Co. and Global Credit Rating Company (GCR), secured approval from the Securities and Exchange Commission (SEC). The offering attracted robust participation from a diverse base of institutional investors, signalling strong market confidence in Elektron’s infrastructure delivery capabilities.
Proceeds will fund the Victoria Island Power Project (VIPP), a 30MW gas-fired embedded generation plant being developed by Victoria Island Power Limited, a wholly owned subsidiary of Elektron Power Infracom.
The facility will feature three high-efficiency 10MW reciprocating gas engines from Wartsila and a 12.6km dedicated distribution network supplying power directly to Lagos’s Victoria Island commercial district.
With the distribution network nearly complete and construction of the plant underway, commercial operations are scheduled to commence in 2026. Elektron says the project is a model for decentralised energy delivery in urban Nigeria, aiming to provide reliable electricity to one of the country’s most critical business hubs.
“We are especially grateful to InfraCredit for its unwavering support, and to our bondholders for their trust in our vision,” said Tola Talabi, MD and Co-CEO at Elektron Energy. “Their involvement reflects a shared belief in Elektron’s capacity to deliver sustainable energy infrastructure projects.”
The Victoria Island Power Project is being implemented in partnership with Eko Electricity Distribution Company Plc, with backing from InfraCredit, ARM-Harith Infrastructure Fund, Nigeria Sovereign Investment Authority, Bank of Industry, FBNQuest Merchant Bank Limited, and Stanbic IBTC Infrastructure Fund.
Vetiva Advisory Services Limited and Anchoria Advisory Services Limited served as Lead Issuing Houses, with CardinalStone Partners Limited, ARM Capital Partners, FBNQuest Merchant Bank Limited, and Iron Global Markets Limited acting as Joint Issuing Houses. Custodian Trustees Limited was appointed Trustee, while legal advisory came from Detail Commercial Solicitors and Templars.
Elektron says it remains committed to driving the emergence of a regional energy grid powered by cleaner gas and renewable resources, positioning itself as a key player in Nigeria’s energy transition.
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