Cairo - Mubasher: Egypt plans to invest EGP 5.90 billion in establishing renewable energy projects as part of the New and Renewable Energy Authority's draft budget for the fiscal year (FY) 2022-2023.
The authority's draft budget is valued at around EGP 8.44 billion, including the current budget of EGP 2.54 billion, according to a recent press release.
The authority seeks to set up a 250-megawatt (MW) wind power plant in the Gulf of Suez, in cooperation with European partners, and a 50-MW solar power plant in Zafarana, in cooperation with KfW Development Bank.
These projects are in line with Egypt's strategy to generate around 40% of its electricity from renewable sources by 2035.
