€320 million Enemalta share transfer with Chinese finalised

€320 million energy deal between Chinese state-owned company and government finalised • includes new joint ventures for production of renewable energy and servicing power plants.

Malta Today 11/03/2014: The deal between China Power Investment Corporation and government was signed today, paving the way for a confirmed €320 million investment in Malta's state-owned energy company Enemalta.

The Chinese shareholding will be of 33%, and Enemalta's debt is expected to be halved and be brought down to approximately €300 million.

The deal was brokered during Prime Minister Joseph Muscat’s visit in China in September 2013, when a Memorandum of Understanding was signed by energy minister Konrad Mizzi and Lu Qizhou, Chief Executive Officer of China Power Investment Corporation.

The deal will be brought into parliament for a resolution to be passed by MPs and amendments presented to the Enemalta Act..read on.