The United Arab Emirates, Italy and Albania signed a trilateral cross-border green energy cooperation agreement on the 15th.
The Emirates News Agency reported on the same day that the strategic cooperation framework agreement signed during the Abu Dhabi Sustainable Development Week marks an important step for the Mediterranean region to strengthen energy security, promote sustainable development and accelerate the transition to clean energy.
According to the Emirates News Agency and Reuters, the framework agreement outlines the key areas of cooperation between the UAE, Italy and Albania, including the development, construction and operation of gigawatt-level renewable energy projects in Albania, involving solar photovoltaic, wind power and storage battery hybrid solutions. Most of the renewable energy produced will be transmitted to Italy via underwater cables.
The UAE said it hopes to use the UAE's expertise in renewable energy, Albania's rich natural resources and Italy's mature energy market to develop and share renewable energy capacity in the Mediterranean through forward-looking cooperation.
Reuters reported that the potential value of this cooperation is at least 1 billion euros. It is expected to be put into operation within three years.
