Enemalta is expected to have a Chinese deputy chairman as a result of Chinese investment in the corporation, Energy Minster Konrad Mizzi said today.

He was addressing the members of the Malta Council for Economic and Social Development about the planned investment and the government’s plans for Enemalta.

Dr Mizzi did not reveal the extent of the stake that will be sold to Shanghai Power Electric, but said that the Chinese company would have a number of seats on Enemalta's board of directors including a Deputy Chairman.

Dr Mizzi said that a due diligence exercise was currently being conducted to value Enemalta and negotiations would follow to decide on the share the Chinese would be acquiring.

The government, he said, was planning to conclude the sale by next March following a process which would also involve the restructuring of the company, a new business plan and approval by Parliament.

Shanghai Power Electric, a subsidiary of China Power Investment Corporation, is to invest €200 million in Enemalta and will also join the corporation in a joint venture producing photovoltaic units for the European market.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.