Updated - Muscat says Malta-China energy venture is formula for success

Prime Minister Joseph Muscat spoke on the investment plans of the Malta-China joint venture on renewable energy when this morning he attended the opening of Eco-Forum Global Annual Conference in Guiyang, China. "This joint venture creates the synergy between China as a leading manufacturer of these technologies and Malta, a member of the European Union, and its business ties to North African countries that go a long way.  The combination of knowhow in technology through Shanghai Electric Power’s experience and an excellent performance of the EU laws on competition and market barriers to entry and cultural issues from the Maltese side, will prove to be a sure formula for success," Dr Muscat said. He said the project project aims at achieving 100MW of power generated from Solar Farms and 200MW of power generated from Wind Energy. Projects range from Greenfield to direct acquisition of existing renewable energy farms. At present more than 30 potential opportunities have been identified. These could yield more than 600MW capacity. This project is planned to start by the fourth quarter of this year and aims to achieve the projected capacity within 3 years from start date. "This joint...