Cairo – Egypt’s New and Renewable Energy Authority (NREA) posted revenues of EGP 2.64 billion in fiscal year (FY) 2021/2022, higher by nearly EGP 167 million than its target.

During the July 2021-June 2022 period, the authority’s total financial budget reached around EGP 6.30 billion. About 12.30% of the budget value will be used to endorse new investments, while the remaining amount will be pumped into projects under development, Egypt’s Cabinet cited the Ministry of Electricity and Renewable Energy.

Although the COVID-19 pandemic and the Russian-Ukrainian crisis had a negative impact on supply chains and shipping operations, NREA logged profits exceeding EGP 190 million.

In FY21/22, the authority’s project generated total energy production of about 4,022 gigawatt/hour (GWh), which contributed to saving over 669,000 tonnes of oil equivalent in addition to eliminating the emission of more than 2 million tonnes of carbon dioxide.

Furthermore, NREA managed to resolve financial entanglements with relevant authorities, which enhanced its financial interface. Accordingly, the government institution’s overdue debts shrank from more than EGP 10 billion in FY17/18 to nearly EGP 3 billion in the meantime.

Future green projects

The authority is about to complete the implementation of a 50-megawatt (MW) solar cell project in the Zafarana area at an investment crossing EGP 500 million. The project is expected to start operating by the end of 2022.

Additionally, NREA is currently constructing a 250-MW wind energy project in the Gulf of Suez complex on the Red Sea at a total estimated investment of EGP 4 billion, With a schedule set to start operating in 2023.

Meanwhile, the Gulf of Suez Wind Energy Complex plans to generate more than 3,000 MW with the participation of national and international private companies.

A total of 16 memoranda of understanding (MoUs) in the field of green hydrogen production were signed within the framework of joint cooperation between NREA, the Egyptian Electricity Transmission Company (EETC), the Suez Canal Economic Zone (SCZone), and the Sovereign Fund of Egypt.

The green projects align with Egypt's hosting of the 27th session of the UN Climate Change Conference (COP27), which will be held this November in Sharm El-Sheikh.

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