Varsities to get $500m solar power investment

Nigerian universities struggling with persistent power outages are poised to benefit from a significant $500 million investment in solar energy. The announcement, made during the launch of the Tinubu Light Initiative in Abuja, signals a major push to provide reliable and sustainable electricity to tertiary institutions across the country.

“

We’re honoured to be able to present up to `$500 million in project finance. That will represent 90 per cent financing for solar power plants at universities, which will also anchor power supply to the rural communities surrounding them.

The initiative, spearheaded by renewable energy firm Gigawatt Global, plans to offer project financing covering up to 90% of the cost for university-based solar power plants. Yosef Abramowitz, CEO of Gigawatt Global, stated that the company is honored to present this financing, which will anchor power supply not only for the universities but also for the rural communities surrounding them.

“

How do you run a university in three, four or five hours? How do you not have internet because you don’t have electricity?

Many Nigerian universities currently rely heavily on costly diesel-powered generators, leading to severely limited electricity access on campuses. Abramowitz highlighted the impracticality of running a university with only a few hours of electricity daily. Each planned solar installation is expected to generate between 10 and 20 megawatts, sufficient to meet campus energy needs and provide surplus power to neighboring communities via prepaid metering systems.

“

The plants will produce more power than the universities need. The surplus electricity will be supplied to the surrounding communities through prepaid metering systems, helping to expand access to reliable electricity.

This investment aims to drastically reduce universities' dependence on diesel, thereby lowering operational costs and increasing energy availability. Abramowitz emphasized the initiative's commitment to green and sustainable energy, empowering local communities, and prioritizing local manufacturing and services to ensure broad economic benefits. Local companies will be responsible for the operation and maintenance of these facilities, enhancing the projects' long-term sustainability.

“

We want to bring down your costs, increase the amount of energy, make it green and sustainable, and empower the communities around each of these universities.