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New and Renewable Energy Authority reports EGP 2.8bn revenue in FY20/21

New and Renewable Energy Authority reports EGP 2.8bn revenue in FY20/21
The authority managed to turn to profitability for the first time in FY20/21

Cairo – Mubasher: Egypt's New and Renewable Energy Authority (NREA) achieved total revenues of EGP 2.8 billion in fiscal year (FY) 2020/2021, up by EGP 600 million from EGP 2.2 billion a year earlier. 

During the year ended 30 June, the authority managed to turn to profitability for the first time, registering a net profit of about EGP 260 million, the Ministry of Electricity and Renewable Energy said in a statement on Wednesday.

The NREA's budget for FY20/21 reached EGP 7.5 billion, 66% of which were for new investments and the rest for existing investments, Minister of Electricity Mohamed Shaker stated. 

The allocated budget for FY21/22 exceeds EGP 8 billion, reflecting the continuous increase in renewable energy investments in Egypt, Shaker noted. 

Total produced energy recorded 4,508 gigawatt-hours (gWh) in FY20/21, which contributed to saving more than 750,000 tonnes of oil equivalent and over 2.2 million tonnes of carbon dioxide emissions. 

The authority managed to slash its debt owed to several entities to EGP 3.8 billion from more than EGP 10 billion in FY17/18 and as it paid EGP 1.5 billion in scheduled payments from 2018 to 2021. 

Moreover, work is underway for establishing a 250-megawatt (MW) wind farm in the Gulf of Suez Complex with an investment of EGP 4 billion. The wind farm is expected to be operational in 2023. 

The authority is also building a 50-MW solar power plant in Zafarana in Suez with an investment of EGP 500 million with the operation scheduled to begin in mid-2022.