Egypt continues its efforts to develop renewable energy and green hydrogen projects, by allocating huge funds for these projects in addition to signing several agreements with international institutions and entities. In light of this, the Ministry of Electricity and Renewable Energy discussed on Monday, March 25, 2024, the draft budget of the New and Renewable Energy Authority for the fiscal year. 2024-2025 and is estimated at about 7.8 billion Egyptian pounds.

The Minister of Electricity, Dr. Muhammad Shaker Al-Marqabi, announced that the Council will discuss the General Authority’s budget for the new fiscal year, and it is expected that half of it will be used for the purpose of establishing new projects in the field of renewable energy, especially green hydrogen, in Egypt.

The Council discussed the budget, which was estimated at approximately 7.799 billion pounds, distributed over approximately 4 billion pounds and approximately 3.7 billion pounds as an investment budget. It is expected that the investment budget will depend on establishing new projects in the field of renewable energy. It includes a station whose goal is to generate electricity from solar cells with a capacity of about 20 megawatts. The station is located in the city of Hurghada in cooperation with the Japanese International Cooperation Agency.

This comes in light of Egypt’s efforts and the important steps it is taking to increase the participation of renewable energy sources to more than 42% by 2030, in addition to expanding the production of green hydrogen. In light of this, the CEO of the New and Renewable Energy Authority, Dr. Mohamed Al-Khayyat, presented the decisions of the President of the Republic, which mean… By allocating land areas for the establishment of renewable energy and green hydrogen projects, so that the area allocated for them exceeds 41 thousand square kilometers.

Two decisions were issued by the Presidency of the Republic, No. 591 of 2023 for an area of about 47 square kilometers in the Aswan Governorate district, and 39 of 2024 for an area of about 10 kilometers in the New Valley Governorate. These areas allow for accommodating additional capabilities for producing electricity from renewable energy in addition to green hydrogen. Markets are witnessing increasing congestion around the world, and the Egyptian Ministry of Electricity and Renewable Energy has signed 27 memorandums of understanding amounting to about 114 megawatts, including 63 gigawatts of wind energy and 51 gigawatts of solar energy.

Four memorandums of understanding were signed to establish wind stations with a capacity of 28 thousand megawatts, in addition to 11 thousand megawatts of solar energy, part of which will be established in the new lands that have been allocated. In light of this, emphasis was placed on developing the current performance and taking the measures taken by them regarding Its current and future projects.

There are several efforts being made by employees and the Board of Directors of the New and Renewable Energy Authority with the aim of carrying out maintenance work in addition to repair plans, which contributes to raising production rates and reducing costs, stressing the necessity of continuing this method in addition to joining efforts in order to reach the required goals.