Chinese company to inject 'tens of millions' in Enemalta and become minority shareholder

State-owned China Power Investments is to inject millions of euros into cash -strapped Enemalta and become a minority shareholder. A memorandum of understanding signed today between Malta and China provides for the Chinese energy firm to inject 'tens of millions' into Enemalta, which has a debt of €800 million.   Reliable sources close to the Maltese Government told timesomalta.com that around €200 million will go to reduce the corporation's debt. The announcement was made today following a meeting between Prime Minister Joseph Muscat and his Chinese counterpart Li Keqiang in the Chinese city of Dalian, which is hosting the Annual Meeting of World Champions organized by the World Economic Forum. The agreement which is set to be finalised in six months' time also includes the setting up of a joint venture company in Malta specializing in the manufacture of photovoltaic panels with the objective being to enter the lucrative EU market. In return the Chinese company as well as its subsidiary Shanghai Electric Power will be able to service its plants in Europe by calling upon the expertise of Enemalta employees. A memorandum of understanding signed between Energy Minister Konrad Mizzi...