UAE, Italy, and Albania Sign Landmark Partnership on Renewable Energy
A landmark tripartite strategic partnership framework aimed at boosting cooperation in renewable energy and energy infrastructure was signed today, with the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE; Her Excellency Giorgia Meloni, Prime Minister of Italy; and His Excellency Edi Rama, Prime Minister of Albania.
The agreement, signed on the sidelines of the High-Level Dialogue on Grid Interconnectivity at Abu Dhabi Sustainability Week, was endorsed by His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President, and Chairman of Masdar; His Excellency Gilberto Pichetto Fratin, Italian Minister of the Environment and Energy Security; and Her Excellency Belinda Balluku, Albanian Deputy Prime Minister and Minister of Infrastructure and Energy.
This tripartite framework signifies a significant move towards enhancing energy security, advancing sustainable development, and accelerating the transition to clean energy in the Mediterranean region. It focuses on deploying gigawatt-scale renewable energy projects in Albania, including solar photovoltaics, wind, and hybrid solutions with battery storage potential. A portion of this renewable energy will be transmitted to Italy.
The agreement also includes a cross-border electricity transmission interconnection linking Albania and Italy. The initiative aligns with global energy transformation goals, emphasizing green energy cooperation and regional collaboration.
HE Dr Sultan Al Jaber highlighted the importance of global interconnectivity for decarbonization and economic growth, leveraging the UAE's expertise, Albania's natural resources, and Italy’s advanced energy market. HE Gilberto Pichetto Fratin emphasized Italy's strengthened role in the Mediterranean energy sector, while HE Belinda Balluku noted the economic and sustainable growth opportunities the partnership will unlock for Albania.
The framework follows a joint venture term sheet signed between Masdar and the Albanian Power Corporation (KESH) in November 2024.
News Source: Emirates News Agency