UAE, Italy, and Albania ink EUR 1 bn energy link pact: The UAE, Italy, and Albania signed a EUR 1 bn agreement to set up a subsea cable in the Adriatic to transport renewable energy from Albania to Italy, Italian PM Giorgia Meloni said during the Abu Dhabi Sustainability Week's High-Level Dialogue on Grid Interconnectivity.

Who’s involved? The partnership involves Italian grid operator Terna and National Energy Company (Taqa). The infrastructure is expected to be operational within three years, Reuters cites Albanian Prime Minister Edi Rama as saying.

Part of a wider plan: The three sides inked a tripartite strategic partnership framework to bolster cooperation in renewable energy and energy infrastructure yesterday, Wam reports.

What does it entail? Under the partnership, the three sides will cooperate on the deployment of gigawatt-scale renewable energy projects in Albania, with a focus on solar PVs, wind, and hybrid systems with potential battery storage. A significant share of the generated renewable energy will be transmitted to Italy.

Background: The framework builds on a joint venture term sheet signed by Masdar and Albania state-owned Power Corporation (Kesh) last year, to construct and operate renewable energy projects in Albania.

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