In the presence of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and Giorgia Meloni, Prime Minister of Italy, Abu Dhabi Future Energy Company – Masdar on Wednesday signed an agreement with Taqa Transmission, part of Taqa Group, and Eni, marking a significant step in progressing the tripartite strategic partnership framework between the UAE, Italy, and Albania.
The framework agreement, signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, Taqa Group CEO Jasim Husain Thabet, and Eni CEO Claudio Descalzi, aims to facilitate collaboration on progressing the tripartite initiative, focusing on the establishment of a collaborative framework for signing a long-term power off-take agreement in Italy for the renewable energy capacity to be produced in Albania and transmitted through the cross border interconnection between Albania and Italy.
Masdar – the UAE’s flagship renewable energy company – and Taqa Transmission were nominated as designated entities from the UAE and Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation and Operatori I Sistemit Te Transmetimit Shqiptare (OST) were nominated as designated entities from Albania on the tripartite initiative, while Eni was identified as the preferred potential off-taker.
The tripartite strategic partnership framework, signed at Abu Dhabi Sustainability Week 2025, is focused on multilateral cooperation between the UAE, Italy, and Albania on renewable energy and energy infrastructure. The initiative aims to enhance energy security, promote sustainable development and accelerate the Mediterranean region’s energy transformation.
Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Masdar, said, “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, and deliver actionable solutions to triple global renewables capacity in line with the outcomes of the UAE Consensus. This initiative will provide affordable energy, enhance energy security and accelerate sustainable growth through job creation and socioeconomic progress.”
Jasim Husain Thabet, Group CEO and Managing Director of Taqa, said, “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. By leveraging our expertise in transmission networks, we are ensuring the efficient and reliable integration of renewable power across borders. Working alongside Masdar and Eni, we are not only helping facilitate Albania’s renewable energy exports but also reinforcing Taqa’s commitment to being a global leader in low-carbon power and water solutions. Through this collaboration, we are enabling real, on-the-ground progress that will contribute to energy security and sustainability in the Mediterranean region.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added, “Building on our existing collaborations across the Mediterranean, today’s agreement will pave the way to Masdar increasing its presence in the region. By integrating Taqa’s expertise in high-voltage transmission infrastructure and Eni’s leadership in European energy markets, we are uniquely positioned to deploy cutting-edge solutions at gigawatt scale. As a trusted partner in Europe’s energy transformation, Masdar remains committed to fostering sustainable development, creating skilled jobs, and delivering affordable, reliable clean energy to communities.”
Claudio Descalzi, Chief Executive Officer of Eni, 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. With this agreement we leverage industrial excellence and market leadership. Thanks to our strong relationship with our partners in UAE and Albania, we can unlock new pathways towards energy transition and contribute to shaping the evolution of a Mediterranean energy market.”
Masdar has significantly increased its renewable energy portfolio in the past two years, increasing overall capacity 150 percent to 51GW by the end of 2024, up from 20GW in 2022. This includes Masdar’s acquisition last year of a majority stake in Terna Energy, the largest developer and investor in renewable energy projects in Greece, strengthening its position in Southwest Europe. Masdar is targeting a portfolio capacity of 100GW by 2030.
Meanwhile Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy leader, TotalEnergies and EPointZero, the decarbonisation arm of 2PointZero, a transformational global investment platform, have signed a Framework for Action (FFA) agreement to drive access to clean energy in emerging markets and developing economies in Africa and Asia.
United Arab Emirates Dirham Exchange Rate
