Shanghai Electric to build 300 MW of solar, wind in Malta by 2017

Dec 8, 2014 - Chinese power producer Shanghai Electric Power Co Ltd (SHA:600021) plans to develop 100 MW of solar and 200 MW of wind farms across Malta and the European Union (EU) with a local partner.

The company said Saturday it will partner with Malta-based renewable energy firm Enemalta PLC for a series of investments. They will contribute EUR 1.6 million (USD 2m) and EUR 696,900 to establish a project company in which Shaghai Electric and Enemalta will hold 70% and 30% stakes, respectively. The joint venture will be constructing 100 MW of renewable energy capacity per year.

The plan also calls for the establishment of a joint service centre, which will provide power plant operation and maintenance (O&M) services, as well as consulting services. As part of the cooperation deal, Shanghai Electric Power will also acquire a 33% stake in Enemalta for EUR 100 million.

The investment is in line with Shanghai Electric Power's strategy of expanding abroad and developing green energy projects. It is currently subject to approvals from the governments of China and Malta.

(EUR 1.0 = USD 1.225)

Choose your newsletter by Renewables Now. Join for free!