Reported by: Ijeoma G | Edited by: Henry Owen
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. The ceremony, held in Abuja, was part of the “Deal Room - Investment & Partnership Execution” event, which saw the formalization of two key Memoranda of Understanding (MoUs).
Representing Governor Babajide Olusola Sanwo-Olu, the Honourable Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, led the signing process. The first MoU, with the Rural Electrification Agency (REA), aims to expand renewable energy access across Lagos State, while the second, with Levene Photovoltaic Technologies Limited, focuses on strengthening local solar equipment manufacturing and recycling capacity.
Engr. K. A. T. Balogun, General Manager of the Lagos State Electrification Agency (LSEA), was also in attendance, reaffirming the state’s commitment to inclusive and sustainable electrification.
The agreements will immediately launch high-impact energy projects, including a 150MW solar power project by Axiano Solar and a world-class solar 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 will further enhance energy access, reduce dependence on imported equipment, and position Lagos as a regional hub for clean technology investments.
Speaking on behalf of Governor Sanwo-Olu, Commissioner Ogunleye emphasized the strategic importance of the initiative:
“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.”
The agreements reinforce Lagos State’s leadership in Nigeria’s transition to a green economy, with a strong focus on innovation, private sector engagement, job creation, and environmental stewardship. This milestone underscores the state government’s commitment to building a sustainable energy ecosystem that supports economic growth while mitigating the impacts of climate change.
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