State-owned Chinese firm buys into Enemalta Corporation

Gives Chinese firm EU foothold in producing PV systems.

State-owned China Power Investment Corporation or CPI Group will take a minority stake in Malta's monopoly energy supplier Enemalta Corporation, said Maltese Prime Minister Joseph Muscat.

CPI Group supplies some 10% of China's electricity and is one of the five largest state-owned electricity producers in China. Enemalta remains the monopoly provider of energy generation and distribution in the Maltese Islands

CPI Group and Enemalta plan to organize a joint venture to produce rooftop photo-voltaic systems in Malta for sale in the EU. Press reports said CPI Group will invest Euros 200 million in the JV.

The agreement was announced following a meeting between Muscat and Chinese premier Li Keqiang in Dalian, China.