Masdar to supply Eni with electricity from Albania through planned undersea interconnection

Masdar and Taqa Transmission signed an agreement with Italian company Eni as the preferred offtaker of electricity from power plants of 3 GW in total that the UAE-based renewables giant plans in Albania. The deal leans on a project for a 1 GW interconnection under the Adriatic Sea.

In addition, Masdar and Enel Group, headquartered in Rome, agreed to explore potential opportunities in new markets, particularly in Italy, Spain, Germany, Britain and the United States.

Abu Dhabi Future Energy Co. (Masdar) is advancing its plan for expansion in Europe including major green energy projects in the Balkans. During the visits of the President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan, to Italy and Albania, the renewables giant signed a series of deals.

The UAE committed to invest USD 40 billion in Italy, the two governments said. Forty agreements were signed. Among other sectors, they cover energy – including peaceful nuclear energy, sustainable energy and energy transition, connectivity, infrastructure, artificial intelligence, water technology and agriculture.

Eni needs long-term arrangements for electricity from Albania

Italian energy company Eni signed an agreement with Masdar and Taqa Transmission for the establishment of long-term arrangements where Eni would be the preferred offtaker of renewable electricity generated in Albania, with a planned capacity of as much as 3 GW and transmitted through a future subsea interconnection of up to 1 GW. The agreement follows the Tripartite Strategic Partnership Framework signed in Abu Dhabi in January between the governments of Italy, Albania and the UAE.

Eni intends to supply electricity to planned data centers from gas plants that would use carbon capture and storage – CCS systems

Notably, Eni also signed a letter of intent with AI and advanced tech investment fund MGX and the G42 group from Abu Dhabi. They agreed to develop projects for data centers in Italy that would need to be powered by 1 GW in total. Eni said it would cover it with gas power plants. It plans to capture the carbon dioxide they emit and store it at the Ravenna CCS hub.

In addition, Eni and sovereign wealth fund Abu Dhabi Developmental Holding Company (ADQ) signed a memorandum of understanding to collaborate on the research and development of critical minerals.

Masdar turns to Intesa Sanpaolo for advisory services, expands cooperation with Enel

On the same occasion, Masdar and Italian energy company Enel Group signed an MoU to explore potential opportunities in new markets, particularly in Italy, Spain, Germany, the United Kingdom and the US. In July, the Emirati company agreed to buy 49.99% of EGPE Solar. The target firm, part of Enel’s subsidiary Endesa, operates solar power plants in Spain.

Masdar signed a framework agreement for financial advisory services with the Intesa Sanpaolo banking group.

In Tirana, in the presence of Al Nahyan and Albanian Prime Minister Edi Rama, Masdar and Taqa Transmission and Albanian state-owned power utility KESH and transmission system operator OST signed a framework agreement to progress the assessment and development of the tripartite initiative to support energy systems transformation in the Mediterranean region.