Prime Minister Mostafa Madbouly witnessed, on Monday, the signing of preliminary financing agreements for the Energy Valley sustainable energy project, with investments approaching $1.8bn, on the sidelines of the inauguration of the first phase of the Obelisk Solar Power Project in Nagaa Hammadi, Qena. The Energy Valley project is being developed by Norwegian renewable energy company Scatec and is one of the largest integrated clean energy projects globally. The project includes the construction of a 1.7-gigawatt (AC) photovoltaic solar power plant, to be fully implemented in Minya Governorate. The company signed the land lease agreement for the factory on Tuesday and plans to supply part of its production to the Energy Valley project, as well as to domestic and regional markets. Separately, El-Mashat said international financial institutions have provided approximately $625m in concessional financing for the first phase of the Obelisk Solar Power Project, which was inaugurated on the same day.

Source: Daily News Egypt January 12, 2026 19:08 UTC