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 New and Renewable Energy Authority's (NREA) budget is expected to reach EGP 8 billion during the fiscal year 2024/2025 (FY24/25), according to a statement issued by the Ministry of Electricity and Renewable Energy.
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 EGP 8 billion will be distributed between the current and investment budgets, with EGP 4 billion allocated to the current budget and EGP 3.7 billion directed for investments focused on establishing renewable energy projects.
The investment budget is set to include the establishment of solar power generation station with a capacity of 20 megawatts in Hurghada, in cooperation with the Japanese International Cooperation Agency (JICA), as part of Egypt’s endeavor to increase the participation of renewable energy sources to more than 42% in the country’s energy mix by 2030.
The authority signed 27 memorandums of understanding (MoUs) to produce 63 gigawatts of wind energy and 51 gigawatts of solar energy, Mohammed Al-Khayat, CEO of the Authority said.
Additionally, 4 MoUs were signed to establish wind stations with a capacity of 28 thousand megawatts, in addition to about 11 thousand solar megawatts.
