Masdar, TAQA, and Eni sign agreement to support the tripartite initiative

Masdar formalised an agreement with TAQA Transmission and Italy's Eni that aims to establish a collaborative structure for a long-term power off-take arrangement in Italy.

The signing ceremony, held in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and Her Excellency Giorgia Meloni, Prime Minister of Italy, signifies a pivotal advancement in the tripartite strategic partnership among the UAE, Italy, and Albania.

This initiative focuses on harnessing renewable energy generated in Albania, which will be transmitted to Italy via a cross-border interconnection. Masdar and TAQA Transmission have been designated as the UAE's representatives in this endeavour, while Albania's Korporata Elektroenergjitike Shqiptare (KESH) and OPERATORI I SISTEMIT TE TRANSMETIMIT SHQIPTARE (OST) serve as Albania's counterparts. Eni has been identified as the preferred potential off-taker for the energy produced.

This agreement builds upon the tripartite strategic partnership framework established during a sustainability event in Abu Dhabi, which took place from January 12 to 18 under the theme "The Nexus of Next. Supercharging Sustainable Progress."

The partnership is dedicated to enhancing energy security, promoting sustainable development, and accelerating the energy transition within the Mediterranean region.

His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, remarked: "This agreement will support the shared vision of our nations to strengthen cross-border renewable energy collaboration. By combining the UAE’s expertise in clean energy technology and Italy’s advanced energy infrastructure, we can unlock new pathways for progress."

Jasim Husain Thabet, Group CEO and Managing Director of TAQA, added: "This agreement is a testament to the power of strategic collaboration in advancing sustainable energy solutions. At TAQA, we recognise that strong energy infrastructure is the backbone of a successful clean energy transition."

Masdar's CEO, Mohamed Jameel Al Ramahi, stated: "Building on our existing collaborations across the Mediterranean, today’s agreement will pave the way to Masdar increasing its presence in the region."

Eni's CEO, Claudio Descalzi, commented: "Cross-border energy collaboration plays an increasing role in energy security as it can promote the use of cleaner and more sustainable energy vectors."

Masdar has significantly expanded its renewable energy portfolio, increasing its capacity by 150% to 51GW by the end of 2024, up from 20GW in 2022. This growth includes acquiring a majority stake in TERNA ENERGY, Greece's largest renewable energy developer and investor, thereby strengthening Masdar's presence in Southwest Europe. The company aims to achieve a portfolio capacity of 100GW by 2030.

This tripartite initiative exemplifies the commitment of the UAE, Italy, and Albania to fostering international cooperation in renewable energy, aiming to deliver affordable energy, enhance energy security, and drive sustainable growth across the Mediterranean region.