Finance
Italy, Albania, UAE sign deal for energy subsea interconnection
Published by Global Banking & Finance Review®
Posted on January 15, 2025
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 15, 2025
1 min readLast updated: January 27, 2026
Italy, Albania, and UAE signed a €1B deal for a subsea energy interconnection, enhancing renewable energy transfer across the Adriatic Sea.
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)
The main topic is the €1 billion energy subsea interconnection deal signed by Italy, Albania, and the UAE to enhance renewable energy transfer across the Adriatic Sea.
The key players include Italian grid operator Terna and UAE's National Energy Company (Taqa), along with the governments of Italy, Albania, and the UAE.
The subsea interconnection project is expected to be operational within a maximum of three years.
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