Palumbo Group has invested another Euro 2million in the shipyards in Malta. The investment concerns photovoltaic panels which will reduce Co2 emissions by at least 750 tonnes per year. Certain studies show that this can reach also 1,000 tonnes, the company said in a statement.
The Investment is the first of its nature in Malta Shipyards and is considered as a further endorsement of Palumbo’s commitment to improve the facility in all of its aspects. The investment is in line with the Group’s commitment to Green Energy and to contribute to Malta’s international commitment in reducing such emissions. It is said that the investment has been very well received by environmentalists in the area which see the importance of the activity at the docks that value the environmental conscience.
In a comment, Mr Palumbo said that this investment is part of the continuous investment plan that Palumbo has for the Maltese facility. It is part of our strategy of improving and promoting a cleaner environment for the benefit of all stakeholders, he said.
The photovoltaics were attached to the electricity grid last week. They are spread over 14 thousand square metres and will produce some 1.350.000 kWh per annum in energy which are estimated to be equivalent to Euro 200 thousand per annum. With these figures it is estimated that the return on investment will be approximately 10 years.
This is the last of a series of investment that was recently announced by the group including the acquisition of a facility in Tenerife and the production of a new state of the art floating dock in Malta. This is the 6th year since Palumbo Group took over the operation of the largest shipyards in Malta.