19 July 2019

Shanghai Power buys 33% of Malta utility Enemalta, paper says

China and Malta have signed off on an energy deal that rescues the indebted Maltese energy utility and gives China a Mediterranean foothold in a future energy hub for the European Union, China Daily reported Thursday. The deal gives the Shanghai Electric Power Co. a 33 percent equity stake in Enemalta for 320 million euros (US$432 million), the report said. Under the deal, 100 million euros will be capital transferred to Enemalta, 150 million euros will be invested to acquire the majority shareholding in an oil-fired power plant, and 70 million euros will fund the conversion of that plant to gas, it said.

– Contact HKEJ [email protected]

EJI Weekly Newsletter

Please click here to unsubscribe