Enemalta and Shanghai Electric Power have closed the deal through which the Chinese company will buy a 33 per cent stake, according to a government statement.

The government yesterday said discussions between Enemalta and Shanghai had been concluded and the agreement would be signed “in the coming days”.

It repeated what Energy Minister Konrad Mizzi said last week during the Budget debate on his ministry’s estimates. The investment was the largest ever to be seen by the country, the statement said.

Apart from taking a third of Enemalta’s shareholding, Shanghai Electric is expected to be the majority owner of the newest power station at Delimara, the BWSC plant.

However, Enemalta and Shanghai will also jointly invest in alternative energy projects to supply the European market and create an engineering hub to service Shanghai’s power plants in the region.

“This agreement will put Enemalta on a sound footing and will contribute to this country’s economic growth,” the statement said.

The government pledged to publish the final agreement and discuss it in Parliament.

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