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Egypt’s New and Renewable Power Authority (NREA) is planning to take a position EGP 5.4 billion (USD 174.75m/EUR 161.01m) within the fiscal 12 months 2023/24 primarily in renewable power tasks, in line with the authority’s draft funds for the interval.
A part of the financing might be allotted to finish the development of a 250-MW wind farm within the Gulf of Suez in cooperation with European companions and the set up of a photo voltaic park with a capability of 20 MW in Hurghada in cooperation with the Japanese Worldwide Cooperation Company (JICA), Egypt’s Cupboard introduced final week.
The tasks assist the North African nation’s plan to boost the share of renewables to greater than 40% by 2035.
NREA’s draft funds totals EGP 8.35 billion.
Throughout its assembly chaired by electrical energy minister Mohamed Shaker, NREA’s board mentioned additionally the choice of Egypt’s President Abdel Fattah el-Sisi to allocate extra areas for renewable power tasks within the governorates of Aswan, Sohag, and Matrouh. This can permit the deployment of extra capability for wind and solar energy era in addition to for the manufacturing of inexperienced hydrogen.
(EGP 1.0 = USD 0.032/EUR 0.029)
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