Egypt’s NREA reports $139mln revenues in FY21/22

Egypt’s NREA reports $139mln revenues in FY21/22

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