ABU DHABI (Reuters) - Italy, Albania and the United Arab Emirates signed on Wednesday a deal worth at least 1 billion euros ($1 billion) to build a subsea interconnection for renewable energy across
Italy, Albania, UAE Agree on €1B Energy Subsea Project
ABU DHABI (Reuters) - Italy, Albania and the United Arab Emirates 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.
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 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. ($1 = 0.9708 euros)
(Reporting by Federico Maccioni, writing by Giulia Segreti, editing by Alvise Armellini and Keith Weir)
