The Italian government announced its support for the ambitious project, which aims to increase Europe's imports of low-cost clean energy that will be produced in North Africa.

Italian officials met with the executives of the project, which includes the construction of equipment and units, including solar panels, in Tunisia and Algeria, and the energy produced will then be exported to the Tuscany and Liguria regions of Italy via sea transportation lines.

Zhero, founded by former executives of gas network Snam, prepared the bid and raised more than 100 million euros ($108 million) to fund the startup phase.

The project also has European support. It has been included in the European Electricity Distribution System Operators' Entso-e long-term network plan.

It is expected that the energy that Medlink will produce will constitute 8% of Italy's total annual electricity consumption.

This project reflects Rome's commitment to the region and energy security, and is an opportunity to strengthen Italy's position on the global stage. The project also aims to export electricity to Austria, Germany and Switzerland.