Italy, Albania and the United Arab Emirates (UAE) signed on Wednesday a deal worth at least 1 billion euros ($1 billion) to build a subsea interconnection to import renewable energy across the Adriatic Sea.

The United Arab Emirates, Italy, and Albania plan to cooperate on gigawatt-scale renewable projects in Albania and a cross-border transmission link to deliver power to Italy.

Albania, Italy and the United Arab Emirates (UAE) signed an agreement on January 15 on a project valued at around €1bn to build a subsea interconnection to facilitate the transfer of renewable energy across the Adriatic Sea.

The UAE, Italy and Albania are teaming up to build a subsea interconnector for exporting renewable energy across the Adriatic. As part of the deal, green power produced in Albania will be exported to Italy through an undersea cable,