NREA’s ongoing renewable energy projects attract $3.5bn worth foreign investment

Mohamed Farag
2 Min Read

The capacities of renewable energy projects under development witnessed a remarkable increase in the third quarter of this year, reaching 3,570 MW, with foreign direct investments amounting to $3.5bn, twice over the same period of 2020, according to the New and Renewable Energy Authority (NREA).

The projects are implemented by many international companies specialized in the field of renewable energy. The projects are under development, including 78% for wind power plants in the Gulf of Suez region, and 22% for solar power plants.

The NREA is nearing the completion of a 50-MW solar plant in the Zafarana area with investments amounting to EGP 700m and it is expected to start operating in the third quarter of this year. A wind farm project with a capacity of 250 MW is also under development in the Gulf of Suez area and is expected to be operational in the second half of next year.

According to the periodic bulletin issued by the Renewable Energy Authority, the production of hydropower during the third quarter of the fiscal year 2021/22 reached about 2,654 gigawatt hours, while wind energy projects recorded about 1,133 GW/h, while the energy produced from solar cells connected to the grid amounted to about 949 GW/h, as well as about 22 GW/h generated from biofuel projects.

During the same period, this contributed to reducing carbon dioxide emissions by approximately 2.25 million tonnes of carbon dioxide and creating fuel savings of approximately 881,000 tonnes of oil equivalent, which highlights the great role of renewable energy in confronting climate change before the upcoming climate summit in Sharm El Sheikh.

Total sales of carbon certificates by the Renewable Energy Authority amounted to about 2.5 million certificates, which indicates the tangible progress of investment in clean energy in Egypt.

On the other hand, the third quarter of this year witnessed the import of renewable energy equipment, especially for the wind farm in the Gulf of Suez, and solar cells.

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