New and Renewable Energy Authority set LE 8B as budget during FY2024/2025

CAIRO – 26 March 2024: The New and Renewable Energy Authority (NREA) is projected to have a budget of LE 8 billion for the fiscal year 2024/2025 (FY24/25), according to a statement issued by the Ministry of Electricity and Renewable Energy.

 

This budget will be divided, with approximately LE 4 billion allocated for current expenses and around LE 3.7 billion designated for investments in renewable energy projects.

 

As part of Egypt's efforts to increase the contribution of renewable energy sources to over 42 percent by 2030, a solar power generation station with a capacity of 20 megawatts will be established in Hurghada in collaboration with the Japanese International Cooperation Agency (JICA).

 

This came during the NREA’s first 2024 board of directors meeting, headed by Mohamed Shaker, Minister of Electricity and Renewable Energy. The meeting discussed the authority’s draft budget for the upcoming fiscal year.

 

The Authority has also signed 27 memorandums of understanding (MoUs) to generate 63 gigawatts of wind energy and 51 gigawatts of solar energy, as stated by Mohammed Al-Khayat, the CEO of the NREA. 

 

Furthermore, four MoUs have been signed to establish wind stations capable of producing 28 thousand megawatts, along with approximately 11 thousand megawatts of solar energy.