Italy Boosts Green Energy Imports with Africa Link Project

May 24, 2024 11:17 AM ET
  • Italy's Medlink project, backed by Zhero and led by Giorgia Meloni, aims to import cheap green energy from North Africa, boosting Italy's energy security and international standing.

Italy's government, led by Giorgia Meloni, is supporting the Medlink project, which aims to import cheap green energy from North Africa to Europe. Zhero, a company backed by former executives at Snam SpA, plans to build renewable energy plants in Algeria and Tunisia, exporting the energy to Italy via subsea lines. The project has received initial financing of over €100 million but will require around €5 billion to fully implement.

The Medlink project is part of Meloni's broader plan for Africa, aimed at fostering development in the region and reducing migrant arrivals by sea. The initiative could eventually account for 8% of Italy's annual electricity consumption and make the country an "energy hub for Europe." Additionally, Italy has authorized another subsea cable project linking Tunisia and southern Italy, further enhancing energy security and international standing.

How is Italy's government supporting the Medlink project for importing green energy from North Africa?

  • Italy's government is providing support for the Medlink project by promoting policies that encourage investment in renewable energy projects in North Africa.
  • The government is working to secure additional financing for the project, which is estimated to require around €5 billion for full implementation.
  • Italy's authorization of a subsea cable project linking Tunisia and southern Italy demonstrates its commitment to enhancing energy security and international cooperation.
  • The Medlink project is part of a broader plan for Africa, aimed at fostering development in the region and reducing migrant arrivals by sea.
  • If successful, the initiative could account for 8% of Italy's annual electricity consumption and position the country as an "energy hub for Europe."
Source:
bloomberg.com

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