Gasol announced that, as part of a consortium called ElectroGas Malta, it has entered in to a share purchase agreement pursuant to which it will acquire a 30 per cent stake in Malta Power & Gas Limited, a special purpose company established by Malta’s state power utility, Enemalta, to own and operate the LNG-to-power project in Malta that was awarded to ElectroGas in late 2013.
MPGL has obtained the relevant development permits for the Project.
Pursuant to the SPA, the remainder of MPGL’s shares will be acquired by the other members of the ElectroGas consortium as follows: SOCAR Trading SA (20%), GEM Holdings Ltd (30%) and Siemens Projects Ventures, the equity financing arm of Siemens Financial Services (20%).
ElectroGas intends to rename MPGL “ElectroGas Malta Ltd.” prior to closing the financing for the project.
Commenting on the Project, Gasol COO Alan Buxton, said: “This is a significant step in the development of the Project and we look forward to the implementation phase.”
Press Release, May 14, 2014; Image: Enemalta