Egypt’s NREA Set To Receive LE 8 Billion Budget For Renewable Energy Projects

The Ministry of Electricity and Renewable Energy has announced that the New and Renewable Energy Authority (NREA) is expected to receive a budget of LE 8 billion for the fiscal year 2024/2025 (FY24/25). This budget will be divided, with around LE 4 billion allocated for operational expenses and approximately LE 3.7 billion earmarked for investments in renewable energy projects.

As part of Egypt’s commitment to increasing the share of renewable energy to over 42 percent by 2030, plans are underway to establish a solar power generation station with a capacity of 20 megawatts in Hurghada, in collaboration with the Japanese International Cooperation Agency (JICA). These details were discussed during the NREA’s initial 2024 board of directors meeting, chaired by Mohamed Shaker, Minister of Electricity and Renewable Energy, where the authority’s draft budget for the upcoming fiscal year was reviewed.

Moreover, the NREA has signed 27 memorandums of understanding (MoUs) to develop 63 gigawatts of wind energy and 51 gigawatts of solar energy, according to Mohammed Al-Khayat, the CEO of the NREA. Additionally, four MoUs have been inked to establish wind stations capable of producing 28 thousand megawatts, along with approximately 11 thousand megawatts of solar energy.