Varsities to get $500m solar power investment

Nigerian universities grappling with chronic power outages are set to benefit from a proposed $500 million solar power investment.

The announcement was made at the launch of the Tinubu Light Initiative organised by the National Board for Technology Incubation, an agency under the Federal Ministry of Science and Technology, on Thursday in Abuja.

The Chief Executive Officer of renewable energy firm, Gigawatt Global, Yosef Abramowitz who announced the initiative 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.

“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,” he said.

He noted that many Nigerian universities currently depend on costly diesel-powered generators, leaving campuses with electricity for only a few hours daily.

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

According to him, each university solar installation is expected to generate between 10 and 20 megawatts of electricity, enough to meet campus energy demand while supplying excess power to neighbouring rural communities through 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,” he said.

Abramowitz said the initiative would significantly reduce universities’ dependence on diesel while lowering electricity costs.

“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,” he added.

He said the company was committed to ensuring that the projects deliver broad economic benefits by prioritising local manufacturing and services.

Abramowitz further explained that local companies would be responsible for operating and maintaining the facilities, making the projects more sustainable than smaller standalone mini-grid systems.

He stressed that cheaper and more reliable electricity would enable universities to channel more resources into their core mandate.

The announcement comes amid worsening electricity challenges facing Nigeria’s tertiary institutions, many of which spend billions of naira annually on diesel to keep lecture halls, laboratories, hostels and research facilities operational. Several federal universities have repeatedly warned that rising energy costs are threatening academic activities, forcing some institutions to ration electricity supply and increase utility charges for students.

The proposed investment also aligns with the Federal Government’s broader drive to expand renewable energy adoption through the recently launched Tinubu Light Initiative, which aims to provide clean energy to one million micro, small and medium enterprises, create jobs, lower production costs and accelerate Nigeria’s transition to sustainable energy.