Malta Enterprise doubles financial assistance for companies investing in green operations

The Paradise Bay Hotel benefitted from financial assistance to invest in smart solar energy solutions that allowed it to save on costs and cut carbon emissions

Environment and Energy Minister Miriam Dalli
Environment and Energy Minister Miriam Dalli

Malta Enterprise is doubling the financial assistance it provides companies that invest in energy-saving equipment in a bid to encourage businesses adopt more sustainable operations.

The Smart and Sustainable Investment grant will be covering 50% of the eligible investment, up to a maximum of €100,000. The tax credit for such investments will be doubled from €20,000 to a maximum of €40,000.

The changes to the scheme were announced in the last budget and restated by Energy and Enterprise Minister Miriam Dalli during a visit to the Paradise Bay Hotel, a company that has benefitted from the scheme.

The hotel invested €200,000 in smart solar energy solutions to support its requirement for water heating and to secure the production of 11,000 litres of sanitary water as energy storage. The solar plant will contribute to almost 70% of the hotel’s total energy needs, with annual fuel savings amounting to €60,000, fully recovering the cost of the investment in three and a half years. The project is also reducing the hotel’s CO2 emissions by 220 tonnes every year.

The company also invested in a wastewater treatment installation and is seeing a 100% system water recovery, with a very high return on investment and an encouraging full cost recovery within 12 months.

“The changes we are implementing are not only cost-saving measures but also help us to reduce our carbon footprint,” Paradise Bay Hotel General Manager Quentin Grima said.

ME CEO Kurt Farrugia said the project implemented by Paradise Bay Hotel was an example of the priority the business community was giving to sustainability and energy efficiency.

The minister welcomed the efforts being made by Maltese businesses in different sectors, including hospitality, as they turned towards more sustainable operations.

“Undoubtedly, the hospitality sector was amongst the worst hit during the pandemic. Through the wage supplement, its extension and the support in utility bills, the government has helped companies to keep going on. At the same time, we launched schemes to encourage businesses to invest in sustainable operations to become more efficient and reduce costs,” Dalli said.