Albania, Italy and the United Arab Emirates signed an agreement worth at least €1 billion Wednesday in Abu Dhabi, to build a submarine interconnection for renewable energy across the Adriatic Sea.

"We strongly believe in this project that involves our three governments, as well as the private sector and grid operators," commented Prime Minister Giorgia Meloni, announcing the agreement at the World Future Energy Summit in Abu Dhabi.

The three-way partnership, which aims to produce green energy in Albania and export it to Italy through submarine cables, will involve Italian grid operator Terna and the Emirati National Energy Company (Taqa), said Albanian Prime Minister Edi Rama.

Rama added that the infrastructure will connect the Albanian port of Vlora to Puglia and is expected to be operational within a maximum of three years.