Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Posted By Global Banking and Finance Review

Posted on January 15, 2025

Italy, Albania, UAE sign deal for Adriatic energy link

By Federico Maccioni

ABU DHABI (Reuters) -Italy, Albania and the United Arab Emirates (UAE) signed on Wednesday a deal worth at least 1 billion euros ($1 billion) to build a subsea interconnection to import renewable energy across the Adriatic Sea.

The plan will strengthen the existing power interconnections "stretching 430 km along the Adriatic seabed, linking Italy to Montenegro and other Balkan regions... to make (them) more efficient and competitive," Italian Prime Minister Giorgia Meloni said at the World Future Energy Summit in Abu Dhabi.

"The partnership marks a significant step towards enhancing energy security, promoting sustainable development, and accelerating the transition to clean energy in the Mediterranean region," a statement from the three countries said.

The deal with Albania - a close political ally of Meloni's right-wing government - also adds to a project to build an electricity connection between Italy and Tunisia to increase power flow capacity in the Mediterranean region.

The three-way partnership will involve Italian grid operator Terna and UAE's National Energy Company (Taqa), Albanian Prime Minister Edi Rama said.

He 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 project will allow Albania to sell locally produced renewable energy, at a time when the country has been working to diversify its renewable energy mix, increasing its capacity by some 500 MW in the past two years, Deputy Prime Minister and Infrastructure and Energy Minister Belinda Balluku told Reuters.

"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," said Sultan Al Jaber, UAE Minister of Industry and Advanced Technology. ($1 = 0.9708 euros)

(Reporting by Federico Maccioni, addiitonal reporting by Francesca Landini in Milan, writing by Giulia Segreti, editing by Alvise Armellini and Keith Weir)

Recommended for you

  • Telecom Italia aims to resume investors' rewards, sees 7% 2025 core profit rise

  • Exclusive-Buyout firms vie for cybersecurity firm Trend Micro, sources say

  • Yen on back foot after US inflation data, euro buoyed by Ukraine peace talks