At the Hyperscalers Convergence Africa conference in Lagos, experts argued that Africa can build the next generation of AI and cloud infrastructure without repeating the carbon-heavy mistakes of older markets.

“Africa can lead by innovating in green energy as alternatives to gas,” said Karim Amer, head of IP Business for Nokia. “We can design smarter, cleaner systems from the start.”

Tola Talabi, chief executive officer, Electron Energy, said data centers are helping unlock investment in renewables. “Data centers are the most bankable customers for power projects,” he explained. “Their predictable consumption de-risks financing and makes clean energy viable at scale.”

Talabi’s firm is developing a 50-megawatt independent power project in Victoria Island designed to support commercial and digital customers. “Power isn’t the problem,” he said. “It’s transmission and liquidity – we need reforms that make renewable projects bankable.”

Wale Adeoti, head of Operations, Digital Realty Nigeria, said efficiency gains are also key. “By using variable-speed drives (VSDs) and better cooling containment, we can cut power use by up to 30 percent,” he said.

As hyperscalers demand green hosting options, several African markets are integrating renewables into data-center design. Morocco and Egypt are developing hundreds of megawatts of solar-backed capacity, while Kenya and Nigeria are piloting hybrid solar-gas systems.

“Green megawatts will define competitiveness,” Amer said. “Africa has the opportunity to build infrastructure that’s efficient, clean, and globally attractive.”

Hyperscalers Convergence Africa 2025 was convened by Africa Hyperscalers and sponsored by Nokia, Open Access Data Centres (OADC), IHS Towers, Vertiv, Equinix, and the National Information Technology Development Agency (NITDA).

The funding vehicle is wholly owned by Elektron Energy Development Strategies Limited (“Elektron”), a leading energy infrastructure development group based in Nigeria.

The Series I Bond, guaranteed by Infrastructure Credit Guarantee Company Plc (InfraCredit), which is rated “AAA” by both Agusto & Co. and Global Credit Rating Company (GCR), received approval from the Securities and Exchange Commission (SEC).

This bond issuance marks Elektron’s debut in the Nigerian debt capital markets and was well received by a broad base of institutional investors, reflecting strong confidence in Elektron’s infrastructure delivery capabilities.

Proceeds from the bond will be deployed towards the development of the embedded independent Power Project being developed by Victoria Island Power Limited (VIPL), a wholly owned subsidiary of Elektron Power Infracom (EPI), a subsidiary of Elektron.

The Power Project is a 30MW gas-fired embedded generation plant located in Victoria Island, Lagos — Nigeria’s foremost commercial and financial hub.

The project features three high-efficiency 10MW reciprocating gas engines from Wartsila, and a 12.6km dedicated electricity distribution network that will supply power directly to the Victoria Island commercial district. While the distribution network is substantially complete, construction of the generation plant has commenced and is scheduled for commercial operations in 2026.

The project is a model for de-centralised energy delivery in urban settings, designed to deliver dependable electricity to businesses in one of Nigeria’s most economically critical zones.

 “We are especially grateful to InfraCredit for its unwavering support, and to our bondholders for their trust in our vision” remarked Tola Talabi, MD and co-CEO at Elektron Energy. “Their involvement reflects a shared belief in Elektron’s capacity to deliver sustainable energy infrastructure projects.”

The VI Power Project is being implemented in partnership with the Eko Electricity Distribution Company Plc and backed by capital from InfraCredit, ARM-Harith Infrastructure Fund, Nigeria Sovereign Investment Authority, Bank of Industry, FBNQuest Merchant Bank Limited, and Stanbic IBTC Infrastructure Fund.

The Bond Issuance was led by Vetiva Advisory Services Limited and Anchoria Advisory Services Limited as Lead Issuing Houses, with CardinalStone Partners Limited, ARM Capital Partners, FBNQuest Merchant Bank Limited, and Iron Global Markets Limited acting as Joint Issuing Houses. Custodian Trustees Limited served as Trustee, while legal advisory was provided by Detail Commercial Solicitors and Templars.

The bonds were rated by Agusto & Co. and Global Credit Rating Company (GCR).

Elektron remains steadfast in its mission to drive the emergence of a regional energy grid based on cleaner gas and renewable resources.