Italy, Albania, and UAE sign €1bn renewable energy cooperation deal
Author: PPD Team Date: January 17, 2025
Italy, Albania, and the UAE have signed a cooperation deal worth at least €1bn ($1.02bn) to establish a subsea interconnection for renewable energy transfer across the Adriatic Sea, Reuters reports.
The agreement, under the Tripartite Strategic Partnership Framework, aims to enhance energy infrastructure and renewable energy capacity in the Mediterranean region.
Italian Prime Minister Giorgia Meloni described the project as a “strategic infrastructure” at the World Future Energy Summit in Abu Dhabi in April 2024. The 430km interconnection will run along the Adriatic seabed, linking Albania’s Vlore port with Puglia in southern Italy, with completion expected by 2028.
Albanian Prime Minister Edi Rama noted that the infrastructure would connect Albania to Italy and Montenegro. Deputy Prime Minister and Infrastructure and Energy Minister Belinda Balluku highlighted Albania’s renewable energy progress, citing an additional 500MW of capacity since 2022.
The initiative complements other regional projects, including a World Bank and EU-financed 220km, 600MW high-voltage direct current cable to enhance Mediterranean power flow.