The €250 million transaction between Shanghai Electric Power, the Maltese Government and Enemalta has concluded, the Government informed this newsroom.
"The conclusion of the largest investment transaction Malta has ever experienced means that the contractual obligations and responsibilities under the Energy Sector and Investment Cooperation agreement, signed on 12th December, will come into force".
"Through this investment, Enemalta's strategic partner, Shanghai Electric Power will hold a minority stake of 33.3% in Enemalta and in the coming months it will be investing a further €70 million in the conversion of the BWSC plant from Heavy Fuel Oil to gas and gasoil".
"The conclusion of this agreement enables Enemalta to look forward and from being a debt ridden company with € 840 million in debts, a chronic lack of investment in distribution, and a dependency on oil for electricity generation, it will be a company of opportunities, based on sound finances, with an international investment portfolio and the elimination of Heavy Fuel Oil".
This agreement will bring forth the establishment of two joint venture companies that will focus on renewable energy and on the maintenance of SEP's energy plants in the region, the Government said. "Enemalta will thus be writing a new chapter in its history and will open new horizons for our country". Through this transaction, SEP Malta shares have been assigned.