Albania, Italy, and UAE sign agreement for undersea energy cable in Adriatic Sea
Albania, Italy, and the United Arab Emirates have signed a landmark agreement to begin investments in an undersea energy distribution line across the Adriatic Sea. The agreement was formalized in Abu Dhabi in the presence of Albanian Prime Minister Edi Rama, Italian Prime Minister Giorgia Meloni, and UAE President Sheikh Mohamed bin Zayed.
Why is this important: The project aims to increase energy production from renewable sources, aligning with Albania’s ambitious plan to become a net exporter of renewable energy. The agreement signifies a major step toward energy independence for Albania, which already produces 100% of its electricity from renewable sources.
Context: Speaking at the Abu Dhabi Sustainability Week summit, Prime Minister Rama highlighted the project’s significance in securing Albania’s energy independence and promoting regional stability.
“The share of renewable energy in Albania’s final energy demand is 44%. This places Albania among the leading European nations, alongside Scandinavian countries, in terms of renewable energy percentage,” Rama said.
Rama emphasized that investments in energy are not just economic but also investments in peace and stability.
“Albania’s partnership with the UAE in the energy sector is critical for a region shaped by past conflicts and misunderstandings. Initiatives like this foster cooperation and shared goals to overcome the past and build a stronger future,” he added.
Italian Prime Minister Giorgia Meloni also underscored the importance of such investments for the Balkans’ future, calling the project a symbol of innovative collaboration.
“Italy has a longstanding connection to the Western Balkans, as shown by my friendship with Prime Minister Rama. This project involving our three governments is a tangible example of new forms of cooperation between seemingly distant partners,” Meloni said.
She further remarked on the transformative global era we live in, emphasizing the need to act decisively:
“We either endure these changes by doing nothing or seize them as opportunities. This project exemplifies the latter approach.”
What else: Albania and the UAE are already collaborating on a major renewable energy project between KESH (Albania’s state energy corporation) and Masdar, the UAE’s leading renewable energy company. The initiative aims to develop up to 3 gigawatts of renewable energy capacity, integrating Albania into the European energy market with a well-organized network.
Additionally, two other agreements were signed between Albania and the UAE. The first, signed by the Minister of Finance, involves a loan for agricultural development. The second is a shareholder agreement between the Ministry of Finance and O&S Security Solutions regarding securities.
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