Cairo: Prime Minister Mostafa Madbouli on Monday, January 12, 2016, witnessed the signing of initial financing agreements for the Energy Valley Project to be developed by the Norwegian renewable energy firm Scatec in Minya Governorate with total investments worth dlrs 1.8 billion. The agreements were inked on the sidelines of inaugurating the first phase of the 1.1 GW Obelisk Solar Power project in Nagaa Hamadi in Qena governorate.

According to State Information Service Egypt, the Energy Valley Project involves the construction of a giant solar power plant with 1.7 gigawatts (GW) of alternating current solar photovoltaic power, supported by battery storage systems with a capacity of 4 GW per hour to be distributed across Minya, Qena, and Alexandria. The Energy Valley venture is considered one of the world's largest integrated clean energy projects and the first in the region to provide clean and stable electricity around the clock at a competitive tariff.

The financing agreements were signed between Energy Valley, a subsidiary of Norway's Scatec, the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and the African Development Bank (AfDB).