By Joy Baba-Yesufu
Proton Energy has taken a major step towards delivering its 500-megawatt Delta Sunrise Power Project with the signing of a Term Sheet Agreement with the African Export-Import Bank (Afreximbank), moving the gas-powered plant closer to financial close and eventual construction.
The agreement, signed on June 26, 2025, in Abuja, marks a key milestone in the development of one of Nigeria’s most advanced Independent Power Producer (IPP) projects.
The Delta Sunrise project, to be executed in two phases, will initially deliver 150MW to the national grid by 2027. The second phase will add an additional 350MW, bringing total installed capacity to 500MW.
Nigeria, which continues to grapple with chronic electricity shortages and unreliable supply, is banking on the project to boost grid capacity and support industrial growth. The plant will leverage the country’s vast gas reserves and deploy a Combined Cycle Gas Turbine (CCGT) system designed for high efficiency and reduced carbon emissions.
“This is a pivotal moment for the project and for Nigeria’s power sector,” said Oti Ikomi, Executive Vice-Chairman and CEO of Proton Energy. “With Afreximbank’s continued support, we are confident of reaching financial close by early 2026.”
Chairman of Proton Energy, Ike Osakwe, also commended the team’s effort, noting that the project is “near shovel-ready” and poised to attract over $250 million in Foreign Direct Investment (FDI) while generating up to 10,000 direct and indirect jobs during construction.
Beyond energy delivery, the project supports Nigeria’s energy transition goals by converting flared gas into electricity and aligns with broader sector reforms aimed at improving access, affordability, and long-term competitiveness.
“The Delta Sunrise project exemplifies what public-private partnerships can achieve in delivering sustainable infrastructure for Africa,” Ikomi added.
