Strategy
Entry Strategy
JCM enters Lagos through a single strategic move with three components, each chosen against the failure patterns of Enron and Katsina.
50 MW
Anchor plant
Lagos mainland (Ibeju-Lekki, Epe, or Badagry)
5–20 MW
C&I portfolio sites
Behind-the-meter or short-distance wheeled
15 years
PPA tenor
USD-indexed with naira reference rate
400 MW
Five-year target
~5–7% of Lagos C&I diesel pool
The three components
1. Greenfield utility-scale solar + battery storage. Built in Lagos State. Sized for direct C&I offtake, not federal grid feed-in. Equipment specs adjusted for coastal climate as covered in Resources & Capabilities.
2. Direct C&I origination under USD-indexed PPAs. No federal counterparty. No DisCo intermediary. Customer pays JCM directly under a 15-year agreement priced against diesel, not against the regulated tariff.
3. State-licensed under LASERC. Generation and wheeling licenses issued by Lagos State, not federal NERC. Constitutional authority sits with the regulator JCM contracts with.
Mode of entry
Wholly-owned greenfield through a Nigerian SPV with a local industrial co-investor. Not acquisition (no Nigerian C&I solar operator is large enough to acquire and the model is too new). Not licensing (JCM's edge is in execution, not IP). Not export (the product is local kilowatt-hours).
One strategy, not a portfolio of options
JCM does not need an entry strategy and a hedge strategy. The bypass design is itself the hedge against the failure modes of the federal route. Doing two things at once dilutes execution.