Palumbo Group has invested €2 million to install photovoltaic panels which will reduce carbon dioxide emissions by at least 750 tons per year.

The investment is the first of its nature in Malta Shipyards and is in line with the group’s commitment to reduce emissions.

The photovoltaics were connected to the electricity grid last week. They are spread over 14,000 square metres and will produce some 1.35 million kWh per annum in energy – estimated to be equivalent to €200,000 a year. 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 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. Palumbo Group took over the operation of the largest shipyards in Malta six years ago.