Exclusive/Bank of Valletta loans Shanghai Electric Malta Ltd €51.5 million

The Chinese state news agency Xinhua has filed a report from its Valletta bureau, dated 30 September, saying that the Bank of Valletta signed a loan agreement for €51.5 million with Shanghai Electric Malta Ltd last week, on 25 September.

The news report is only on the Chinese-language portal and is not available in English. It was picked up by a Chinese reader of this website and sent to me in translation.

The report says that Shanghai Electric Malta Ltd will receive €51.5 million from the Bank of Valletta over the next 10 months, and that the money will be used for the “D3 Power Station” – which is the Delimara power station.

It adds that last December Shanghai Electric Malta Ltd bought a 33% shareholding in Enemalta for €100 million and 90% of the Delimara power station for €150 million.

The Chinese state news agency wraps up its report by saying that “the Shanghai Electric Delimara project is very important to the Maltese government in reducing its debts and the electricity tariff, and to increase Maltese economic activity.”