Following the signing of a Memorandum of Understanding with the China Power Investment Corporation last September, Energy Minister Konrad Mizzi yesterday signed an energy agreement with its subsidiary company Shanghai Electric, which will result in an investment by the company of €320 million in the Enemalta Corporation.
€100 million will be a capital injection into Enemalta, €150 million will be the investment to acquire the majority shareholding in the BWSC plant and €70 million is the commitment to convert the BWSC plant to gas.
The Chinese company will get a 30% stake in Enemalta and together with Enemalta, Shanghai Electric will form two joint venture companies, the first one will invest in renewable energy projects in Europe with a target to have 300mw over the next five years and the second will be an energy service centre to service the power plants that Shanghai Electric will have in the region.