The Lagos State Government has signed a landmark $435 million renewable energy investment deal aimed at expanding solar power generation and strengthening local manufacturing capacity for clean energy technologies.
The agreement, signed on Tuesday, October 14, 2025, marks a major stride in the state’s transition toward a sustainable and energy-secure future.
Representing Governor Babajide Sanwo-Olu at the “Deal Room – Investment & Partnership Execution” event in Abuja, the Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, led the signing of two key Memoranda of Understanding (MoUs): one with the Rural Electrification Agency (REA) to enhance renewable energy access across Lagos, and another with Levene Photovoltaic Technologies Limited to bolster solar equipment manufacturing and recycling capacity.
Also present at the event was the General Manager of the Lagos State Electrification Agency (LSEA), Engr. K. A. T. Balogun, who reiterated the government’s commitment to inclusive and sustainable electrification.
The $435 million investment will immediately kickstart high-impact projects, including a 150-megawatt solar power project by Axiano Solar and the establishment of a world-class solar recycling facility by Lexus Photovoltaic Technologies Limited, with the capacity to process more than 2,400 tonnes of materials annually.
In addition, partnerships with Greenlight Planet, Sun King Nigeria Limited, and Suntisol Energy Africa Solar Limited will drive wider energy access, reduce import dependency, and position Lagos as a regional hub for clean technology innovation.
Commissioner Ogunleye, speaking on behalf of Governor Sanwo-Olu, described the initiative as a “strategic investment in Lagos’s cleaner, more resilient future.”
“This is more than an investment in power; it is an investment in a cleaner, more resilient Lagos,” Ogunleye said. “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 now formalized, Lagos State has reaffirmed its leadership role in Nigeria’s energy transition, underscoring its dedication to innovation, private sector collaboration, and environmental stewardship.
The government said it remains committed to building a sustainable energy ecosystem that drives economic growth, supports job creation, and contributes to global climate goals.