Be the first to comment!Shanghai Electric signs agreement for€320 million investment in Enemalta
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A €320 million investment in Enemalta, by the Chinese company Shanghai Electric Power, was concluded this afternoon.
Prime Minister Joseph Muscat, said this was a very important day because it put Malta’s energy sector on a sound footing and strengthened its links to the globalised economy.
“This is an example of how in a relatively short time we turned a problem into an opportunity. From inward looking we will be looking at providing services to the region. “Negotiations were difficult but were always done in a spirit of cooperation,” Dr Muscat said
Shanghai Electric will be taking a 33% stake in Enemalta for which the company will pay €100 million and purchase a 90% shareholding in the BWSC plant for €150 million.
The Chinese company will also pay €70 million to convert the BWSC plant from working on heavy fuel oil to gas.
The Investment Agreement was signed at a ceremony held at Auberge de Castille, between the Government, the Shanghai Electric Power Company, Enemalta and SEP (Malta) Holding Ltd. This is the first investment by Shanghai Electric in Europe.
The Prime Minister told Enemalta workers “this will strengthen your jobs and offer a future.”
The Energy Minister Konrad Mizzi, said that the agreement will be tabled in Parliament and the Government hope that a debate on it would be held next Wednesday.
The Ministry of Energy and Health has published the agreement signed today between the Government, Enemalta, Shanghai Electric Power and SEP Malta Holding Limited.
