In a landmark move toward a sustainable and energy-secure future, the Lagos State Government has signed a $435 million renewable energy investment deal aimed at delivering 150 megawatts of solar power and strengthening local clean-tech manufacturing capacity.
The agreement was formalised on Tuesday, October 14, 2025, during the Deal Room – Investment & Partnership Execution event in Abuja. Representing Governor Babajide Olusola Sanwo-Olu, the Honourable Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, led the Lagos delegation, where two critical Memoranda of Understanding (MoUs) were signed.
The first MoU, with the Rural Electrification Agency (REA), will expand renewable energy access across Lagos communities. The second, with Levene Photovoltaic Technologies Limited, will enhance solar equipment manufacturing and recycling capacity within the state.
Also present was the General Manager of the Lagos State Electrification Agency (LSEA), Engr. K. A. T. Balogun, who reaffirmed the government’s commitment to inclusive and sustainable electrification across all sectors.
The milestone deal will immediately trigger a series of 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.
Further partnerships with Greenlight Planet, Sun King Nigeria Limited, and Suntisol Energy Africa Solar Limited are expected to deepen energy access, reduce import dependence, and establish Lagos as West Africa’s clean energy hub.
Speaking on behalf of the Governor, Commissioner Ogunleye described the initiative as a strategic investment in Lagos’s climate resilience and energy independence.
“This is more than an investment in power; it is an investment in a cleaner, more resilient Lagos,” he said. “Through public-private partnerships, we are diversifying our energy mix, tackling climate challenges, and ensuring stable, reliable power for homes and businesses.”
With these agreements, Lagos has once again reaffirmed its leadership in driving Nigeria’s green economy transition. The state government remains steadfast in fostering innovation, enabling private sector participation, and building a sustainable energy ecosystem that supports growth, job creation, and environmental stewardship.
