…..to bolster Lagos electricity supply
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‎Investment in Victoria Island Embedded Power Plant to enhance grid reliability, cut carbon emissions, and lower energy costs for businesses.
‎The Coronation Infrastructure Fund (CIF), managed by Coronation Asset Management Limited, has announced a significant investment disbursement to the Victoria Island Embedded Power Plant (VIPL). Developed by Elektron Energy, the 30 MW natural gas-fired plant is designed to reduce outages, stabilise supply for industries, and help unlock productivity in one of Nigeria’s most commercially active zones.
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The plant, powered by three state-of-the-art 10 MW Wartsilä engines, will supply 24/7 electricity directly to the Victoria Island network. This initiative is set to displace over 3,000 diesel generators, significantly reducing operational costs for local businesses and cutting carbon emissions.
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The project aligns with the following:
‎SDG 7 (Affordable & Clean Energy), SDG 9 (Industry, Innovation & Infrastructure), SDG 11 (Sustainable Cities & Communities), and SDG 13 (Climate Action).
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The Nigeria Energy Transition Plan.
‎The National Electricity Regulatory Commission’s (NERC) requirements for all electricity distribution companies (DisCos) to procure at least 10% of their contracted energy from embedded generation sources. 
‎CIF’s core mandate is to finance sustainable infrastructure that delivers robust financial returns and positive societal impact. The project has already demonstrated strong market traction, with Elektron Energy reporting approximately 13 MW of capacity subscribed by key customers. These customers are realizing over 40% in energy cost savings, underscoring the commercial viability and demand for sustainable power solutions.
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“Delivering reliable and sustainable power in Nigeria requires innovative solutions, strategic partnerships, and meticulous execution,” said Mayowa Ikotun, Head of the Coronation Infrastructure Fund. “The Victoria Island Embedded Power Plant exemplifies this approach and reinforces our commitment to financing projects that generate lasting value for both investors and the community.”
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Statement from Deen Solebo, Co-CEO and CFO, Elektron Energy
‎Reliable power is fundamental to business productivity but delivering it at scale requires capital that is structured for long-term infrastructure. Elektron Energy’s partnership with CIF demonstrates how catalytic financing, paired with strong engineering execution, can accelerate embedded generation and directly improve supply quality in major commercial centres. By replacing diesel generation with efficient, lower-emission power, we are not only reducing costs for businesses—we are showing how the right capital architecture can unlock scalable, sustainable solutions across Nigeria’s urban clusters.
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About Coronation Infrastructure Fund (CIF)
‎The Coronation Infrastructure Fund (CIF) is a regulated Fund focused on critical infrastructure sectors essential to Nigeria’s sustainable growth, encapsulated in the T.R.U.S.T.E. framework: Telecommunications, Real Estate, Utilities, Social, Transportation, and Energy. Through disciplined risk management and strategic diversification, CIF enables transformative projects that offer compelling financial returns and lasting societal impact.
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The Fund invests in loans, securities, and securitised debt instruments of infrastructure companies, projects, and special purpose vehicles. By connecting long-term investors including pension funds, insurance companies, sovereign wealth managers, and high-net-worth individuals with project sponsors, CIF provides the patient capital necessary for large-scale infrastructure development. The Fund prioritizes investments in long-lived assets with predictable cash flows, strong governance, and proven operational track records.
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About Coronation Asset Management
‎Coronation Asset Management is a leading investment management firm dedicated to providing world-class asset and wealth management services to institutional and individual clients. Regulated by the Securities and Exchange Commission, Nigeria, the firm leverages deep market insight, rigorous research, and innovative strategies to deliver superior risk-adjusted returns. Coronation’s diverse suite of products includes mutual funds, discretionary portfolio management, and specialized alternative investment vehicles, all designed to meet the long-term financial goals of its clients.