Gasol has announced that, as part of the ElectroGas Malta consortium, it has entered in to a Share Purchase Agreement (SPA) pursuant to which it will acquire a 30% stake in Malta Power & Gas Limited (MPGL).
MPGL has been established by Malta’s state power utility, Enemalta, to own and operate the LNG-to-power project that was awarded to ElectroGas Malta in late 2013. MPGL has obtained the relevant development permits for the LNG-to-power project.
Pursuant to the SPA, the remainder of MPGL’s shares will be acquired by the other members of the ElectroGas consortium: SOCAR Trading SA (20%), GEM Holdings Ltd (30%) and Siemens Projects Ventures, the equity financing arm of Siemens Financial Services (20%).
ElectroGas has also announced its intention to rename MPGL ‘ElectroGas Malta Ltd’ prior to closing the financing for the LNG-to-power 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.”
Adapted from press release by Callum O'Reilly