Egypt's NREA plans to invest USD 175m in renewables in 2023/24

Egypt's New and Renewable Energy Authority (NREA) is planning to invest EGP 5.4 billion (USD 174.75m/EUR 161.01m) in the fiscal year 2023/24 primarily in renewable energy projects, according to the authority's draft budget for the period.

Part of the financing will be allocated to complete the construction of a 250-MW wind farm in the Gulf of Suez in cooperation with European partners and the installation of a solar park with a capacity of 20 MW in Hurghada in cooperation with the Japanese International Cooperation Agency (JICA), Egypt's Cabinet announced last week.

The projects support the North African country's plan to raise the share of renewables to more than 40% by 2035.

NREA's draft budget totals EGP 8.35 billion.

During its meeting chaired by electricity minister Mohamed Shaker, NREA's board discussed also the decision of Egypt's President Abdel Fattah el-Sisi to allocate additional areas for renewable energy projects in the governorates of Aswan, Sohag, and Matrouh. This will allow the deployment of additional capacity for wind and solar power generation as well as for the production of green hydrogen.

(EGP 1.0 = USD 0.032/EUR 0.029)

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