The agreement reached with a Chinese power company last Wednesday will enable Malta to export energy – solar energy – in the near future, Prime Minister Joseph Muscat said this morning.

Speaking at the Gudja Labour Party club’s annual general meeting this morning, Dr Muscat said that while Malta had built close ties to China over the years, these had been somewhat neglected in recent years, but no longer.

He insisted that the agreement was welcomed by all social partners in Malta, and that the opposition was the only dissenting voice.

The prime minister stressed that while China Power Investments would acquire a minority stake in Enemalta in return for an investment of around €200 million, the government would continue to be the majority shareholder. But he also emphasised that the agreement was not solely about cash, but was also about bringing a strategic partner on board.

He explained that negotiations are ongoing on a project which would see solar panels assembled in Malta and exported to other countries. There are also plans to find land in other countries where Malta-made solar panels could be set up.

Enemalta, Dr Muscat added, would also be providing services to power stations owned by China Power Investments in Europe and Africa.

New jobs are expected to be created as a result, Dr Muscat said, adding that the company whose debts exceed €800 million would be placed on a sound footing.