Italy, Albania and the United Arab Emirates (UAE) have signed a cooperation deal valued at a minimum of €1bn ($1.02bn) to establish a subsea interconnection to import renewable energy across the Adriatic Sea,

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.

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.