- Lagos Signs $435 Million Renewable Energy Deal to Boost Solar Power Access
- The first MoU aims to expand renewable energy access across Lagos
- Lagos State continues to assert its leadership in Nigeria’s transition to a green economy
The Lagos State Government has taken a major step toward a sustainable energy future with the signing of a $435 million renewable energy investment deal on Tuesday, October 14, 2025, Eko Hot Blog reports.
Representing Governor Babajide Olusola Sanwo-Olu, the Honourable Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, led the “Deal Room – Investment & Partnership Execution” event in Abuja, where two key Memoranda of Understanding (MoUs) were signed.
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The first MoU, with the Rural Electrification Agency (REA), aims to expand renewable energy access across Lagos, while the second, with Levene Photovoltaic Technologies Limited, will strengthen local solar-equipment manufacturing and recycling capacity.
The General Manager of the Lagos State Electrification Agency (LSEA), Engr. K. A. T. Balogun, was also in attendance and reaffirmed the state’s commitment to inclusive and sustainable electrification.
The agreements will immediately activate high-impact projects, including a 150MW solar power project by Axiano Solar and a world-class recycling plant by Lexus Photovoltaic Technologies Limited, capable of processing over 2,484 tonnes of materials annually.
Partnerships with Greenlight Planet, Sun King Nigeria Limited, and Suntisol Energy Africa Solar Limited are expected to further expand energy access, reduce import dependence, and position Lagos as a regional hub for clean technology investments.
Speaking on behalf of the Governor, Commissioner Ogunleye described the initiative as a strategic move toward self-sufficiency and climate action.
“This is more than an investment in power; it is an investment in a cleaner, more resilient Lagos. Through public-private partnerships, we are diversifying our energy mix, addressing climate challenges, and ensuring stable, reliable power for homes and businesses,” he said.
With these agreements, Lagos State continues to assert its leadership in Nigeria’s transition to a green economy, fostering innovation, enabling private sector participation, and building a sustainable energy ecosystem that supports economic growth, job creation, and environmental stewardship.
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