The Lagos State Government yesterday took a decisive step toward a sustainable energy future with the signing of a $435 million renewable energy investment deal on Tuesday, October 14, 2025.
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 MoUs were signed – one with the Rural Electrification Agency (REA) to expand renewable energy access across Lagos, and another with Levene Photovoltaic Technologies Limited to strengthen local solar-equipment manufacturing and recycling capacity.
The General Manager, 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 milestone deal will immediately activate high-impact projects that will strengthen Lagos’s energy security and environmental resilience. These include 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.
The partnerships with Greenlight Planet, Sun King Nigeria Limited and Suntisol Energy Africa Solar Limited will 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,” he stated. “Through public-private partnerships, we are diversifying our energy mix, addressing climate challenges, and ensuring stable, reliable power for homes and businesses.”
With the agreements signed in Abuja, Lagos State has reaffirmed its leadership in driving Nigeria’s transition to a green economy. The government remains committed to fostering innovation, enabling private sector participation, and building a sustainable energy ecosystem that supports growth, job creation, and environmental stewardship.
