The United Arab Emirates (UAE) has signed a tripartite strategic partnership framework with Italy and Albania to enhance cooperation in renewable energy and energy infrastructure. The deal, reportedly worth €1 Billion, also includes building a 430 km long subsea cable across the Adriatic Sea to enable renewable energy imports.
The framework was signed in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan, Italian Prime Minister Giorgia Meloni, and Albanian Prime Minister Edi Rama, on the sidelines of the High-Level Dialogue on Grid Interconnectivity at the Abu Dhabi Sustainability Week.
According to a statement released by the three countries, the framework “outlines key areas of cooperation between the UAE, Italy, and Albania, including the deployment of gigawatt-scale renewable energy projects in Albania, focusing on solar photovoltaics, wind, and hybrid solutions with potential battery storage.”
“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 for the development and sharing of renewable energy capacity across the Mediterranean,” said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar.
“We are very pleased to be part of the tripartite strategic partnership framework aimed at strengthening cooperation with countries with great potential to develop cost-effective renewable energy, which will further increase Italy’s role as an energy and renewables hub in the Mediterranean,” said Gilberto Pichetto Fratin, Italian Minister of the Environment and Energy Security.
Belinda Balluku, Albanian Deputy Prime Minister and Minister of Infrastructure and Energy said, “By joining forces with the UAE, a global leader in renewable energy innovation, and Italy, with its advanced energy infrastructure and market expertise, we are unlocking immense potential for sustainable growth. Albania’s abundant natural resources, coupled with the strengths of our partners, will not only drive the green energy transition but will also create long-term economic and job opportunities.”
The framework follows the signing of a joint venture term sheet between Masdar and Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation – on the sidelines of COP29 in November last year to establish a strategic partnership to develop, construct, and operate renewable energy projects in Albania utilising a range of renewable technologies.