Italy, Albania and the UAE have signed a deal valued at at least €1bn ($1.02bn) to establish a subsea interconnection across the Adriatic.

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.

The UAE is lending technology and expertise for the project. View on euronews

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,