Nigeria’s public universities are set to benefit from a $500 million solar power investment under the Tinubu Light Initiative, a federal government venture designed to provide cleaner and more reliable electricity to campuses.
The investment, which was unveiled Thursday in Abuja at the launch of the Tinubu Light Initiative, organised by the National Board for Technology Incubation (NBTI), will cover as much as 90 percent of the cost of solar power plants sited at universities, subject to bankable power purchase agreements and agreed project milestones.
Yosef Abramowitz, chief executive officer of renewable energy firm Gigawatt Global, said his company would provide up to $500 million to finance the project.
“We’re honoured to present up to $500 million in project finance. That will represent 90 percent financing for solar power plants at universities, which will also anchor power supply to the rural communities surrounding them,” Abramowitz said.
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