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Nigerian universities battling persistent electricity shortages are set to benefit from a proposed $500 million solar power investment aimed at improving energy supply and reducing reliance on diesel generators.
The announcement was made during the launch of the Tinubu Light Initiative organised by the National Board for Technology Incubation in Abuja.
Chief Executive Officer of renewable energy firm Gigawatt Global, Yosef Abramowitz, said the company would provide up to $500 million in project financing, covering as much as 90 per cent of the cost of university-based solar projects, subject to internationally bankable power purchase agreements and agreed project milestones.
According to him, each university solar installation is expected to generate between 10 and 20 megawatts of electricity, enough to power campuses while supplying excess energy to neighbouring rural communities through prepaid metering systems.
Abramowitz said the initiative would reduce electricity costs, improve internet access and lessen universities’ dependence on diesel-powered generators, allowing institutions to focus more resources on teaching and research.
He added that local companies would operate and maintain the facilities, creating jobs and ensuring long-term sustainability.
The proposed investment supports the Nigerian Government’s Tinubu Light Initiative, which seeks to expand renewable energy adoption, support businesses and accelerate the country’s transition to clean and sustainable energy.
