On Wednesday, the UAE, Italy, and Albania formalized a partnership worth over 1 billion euros ($1 billion) to develop a subsea interconnection for renewable energy across the Adriatic Sea. At the World Future Energy Summit in Abu Dhabi, Italian Prime Minister Giorgia Meloni expressed her confidence in the project, stating, "We strongly believe in this initiative involving our three governments, private sectors, and grid operators."
UAE's Role in Global Energy Transformation
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 President, emphasized the importance of the project, noting, "This new era of global interconnectivity is crucial to achieving our renewable energy targets, driving decarbonization, enhancing energy access, and supporting economic growth."
He added that the UAE's expertise in renewable energy, Albania's natural resources, and Italy's advanced energy market would create a powerful partnership for the development and distribution of renewable energy in the Mediterranean region.
Operational Timeline and Project Scope
The project will produce green energy in Albania, which will then be transmitted to Italy through underwater cables. Albanian Prime Minister Edi Rama highlighted that the infrastructure would link the Albanian port of Vlore with Italy's southern region of Puglia. The initiative is expected to be operational within three years at most.
The agreement was signed by key officials, including Dr. Sultan Al Jaber, Gilberto Pichetto Fratin, Italy's Minister of the Environment and Energy Security, and Belinda Balluku, Albania's Deputy Prime Minister and Minister of Infrastructure and Energy.
