Varsities to get $500m solar power investment
Nigerian universities will receive a $500m solar power investment to combat chronic outages. This initiative aims to provide reliable, green energy and red Read More: https://punchng.com/varsities-to-get-500m-solar-power-investment/
Nigerian universities struggling with frequent power blackouts are set to receive a $500 million investment in solar energy, according to the National Board for Technology Incubation. The initiative, dubbed the Tinubu Light Initiative, was unveiled by the CEO of renewable energy firm Gigawatt Global, Yosef Abramowitz, at its launch in Abuja.
Abramowitz pledged to provide up to $500 million in project financing, covering up to 90% of the cost of solar power plants at universities, contingent on viable power purchase agreements and project milestones. He highlighted that Nigerian universities currently rely heavily on expensive diesel generators, resulting in limited campus electricity and disruptions to internet access.
Each university solar installation is expected to generate between 10 and 20 megawatts, enough to meet campus energy demands while providing surplus power to surrounding rural communities via prepaid metering systems. This approach aims to reduce universities' reliance on diesel, lower electricity costs, and empower neighboring communities.
The initiative aligns with the Federal Government's broader goal of promoting renewable energy adoption through the Tinubu Light Initiative, which seeks to provide clean energy to one million micro, small, and medium enterprises, stimulate job creation, reduce production costs, and accelerate Nigeria's transition to sustainable energy.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
