Elektron Finance SPV Plc, a funding vehicle wholly owned by Elektron Energy Development Strategies Limited, has launched its ₦200 billion bond issuance program and successfully completed a ₦4.64 billion, 15-year Series 1 senior guaranteed fixed-rate infrastructure bond.
The bond—guaranteed by Infrastructure Credit Guarantee Company Plc (InfraCredit), which holds an “AAA” rating from Agusto & Co. and Global Credit Rating Company (GCR)—has received approval from the Securities and Exchange Commission (SEC).
This marks Elektron’s debut in Nigeria’s debt capital market and attracted strong interest from institutional investors, signalling confidence in the company’s infrastructure delivery capabilities.
Proceeds will fund the Victoria Island Power Limited (VIPL) embedded independent power project, a wholly owned subsidiary of Elektron Power Infracom (EPI). The project is a 30MW gas-fired embedded generation plant in Victoria Island, Lagos, featuring three high-efficiency 10MW Wartsila reciprocating gas engines and a 12.6km dedicated electricity distribution network to supply power directly to the commercial district.
Elektron Energy’s Managing Director and Co-Chief Executive Officer, Tola Talabi, expressed gratitude to InfraCredit and bondholders, noting that their involvement reflects confidence in Elektron’s ability to deliver sustainable energy infrastructure.
The Victoria Island 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.
