Electrogas said in a statement today that each and every member of the consortium is dedicated to completing the development of the Project as quickly as possible and in accordance with all agreements and time schedules agreed with Enemalta.

The statement was issued following media reports and subsequent questions raised in Parliament over ElectroGas Malta's ability to finance the LNG-to-power project for Delimara. ElectroGas Malta said that each member of the consortium possesses ample financial resources to continue funding the development costs of the project and their respective equity contributions needed to pay for the construction of the Project.  This includes Gasol, which raised US$30m in the international bond market earlier this month. 

It also said that the consortium continues to be supported by a group of high profile international banks, who will provide the balance of the funds needed, on a project finance basis, for the construction of the Project.

"The consortium is very much aware that the Delimara LNG-to-power project is an important development that will bring relief to the Malta power sector, which suffers from high power prices and excess levels of pollutants.  

"ElectroGas Malta and its backers share Enemalta's vision for cleaner, lower cost electric power for Malta, and we intend to honour all of our commitments in Malta," Electrogas said.

Concerns have been raised by the Nationalist Party over the financial position of Gasol, a major shareholder of the consortium entrusted with the project, after it published its financial statements in September.