Gasol first company to buy 30% of Enemalta subsidiary

The consortium ElectroGas has entered into a share purchase agreement to acquire a 30% stake in Enemalta’s special purpose vehicle Malta Power & Gas Ltd (MPGL).

MPGL is a subsidiary that was formed to kick-start the planning process for the new gas-fired power station at Delimara, and the entity with which Enemalta will enter into the power purchase, gas supply and related agreements with ElectroGas.

The Enemalta subsidiary was responsible for the filing of development applications with the planning authority, to obtain the necessary permits for a new 200MW gas plant.

The company was set up in July 2013 with Enemalta Corporation being the principle shareholder and Aviation Fuelling Services Ltd (an Enemalta subsidiary) holding a nominal one share.

Gasol, the West African power company that forms part of the ElectroGas consortium, announced that it had purchased the 30% stake in MPGL, to own and operate the LNG-to-power project.

The remainder of MPGL’s shares will be acquired by the other members of the ElectroGas consortium as follows: SOCAR Trading SA (20%), local entrepreneurs 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.”