Set to be operational within three years, the infrastructure will connect the Albanian port of Vlore to the southern Italian region of Puglia
Image used for illustrative purposes. Photo: Reuters file
The UAE, Italy and Albania signed on Wednesday a deal worth at least 1 billion euros ($1 billion) to build a subsea interconnection for renewable energy across the Adriatic Sea.
"We strongly believe in this project involving our three governments, as well as our private sector and grid operators," Italian Prime Minister Giorgia Meloni said as she announced the deal at the World Future Energy Summit in Abu Dhabi.
Dr Sultan Al Jaber said, "The new era of global interconnectivity is essential for meeting the commitment to triple renewable energy, drive decarbonisation, increase energy access, and boost economic growth.
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"By leveraging the UAE's world-class expertise in renewable energy, Albania's abundant natural resources, and Italy's sophisticated energy market, we are connecting nations in far-sighted collaboration for the development and sharing of renewable energy capacity across the Mediterranean. The UAE is proud to be, once again, at the forefront of the global energy system transformation."
The three-way partnership — which aims to produce green power in Albania and export it to Italy through underwater cables ̦— will involve Italian grid operator Terna and the UAE's National Energy Company (Taqa), Albanian Prime Minister Edi Rama said.
The Albanian premier added that the infrastructure would connect the Albanian port of Vlore to the southern Italian region of Puglia, the narrowest point between the two countries, and was expected to be operational within a maximum of three years.
The framework was signed by Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President, and Chairman of Masdar; Gilberto Pichetto Fratin, Italian Minister of the Environment and Energy Security; and Belinda Balluku, Albanian Deputy Prime Minister and Minister of Infrastructure and Energy.
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