Malta LNG to Power Project

Update July 2015 - Gasol sells its interest in ElectroGas Malta having completed its development stage role - see announcement.

Gasol is part of ElectroGas Malta which was recently awarded preferred bidder status for the Malta LNG-to-power project.

Electro Gas

ElectroGas, an International Consortium made of:

  • Gasol (30% Equity)
  • SOCAR Trading SA (20% Equity)
  • GEM Holdings Ltd (30% Equity)
  • Siemens Projects Ventures (20% Equity)

 

has been announced as preferred bidder after a two-phase bidding process, where nineteen bidders initially registered interest in the Project. 

 


Siemens Project Ventures (20% equity)

Siemens joined ElectroGas as an equity sponsor as well as EPC Contractor & O&M Contractor.


Socar Trading SA (20% equity)

Socar Trading (STSA) joined ElectroGas as LNG Supplier, provider of FSU and regas equipment, and as an equity sponsor

  • STSA is a 100% subsidiary of SOCAR, rated BBB- by Fitch

GEM Holdings Ltd (30% equity)

GEM Holdings Ltd, a separate corporation for the Maltese investors, has been set up to jointly hold their equity stake in ElectroGas.

  • All are prominent businessmen with extensive knowhow

 

Key facts on the Malta LNG to Power Project

Project Provide mid-sized FSU to be docked in Delimara, Malta to supply gas from LNG deliveries, and develop a 210 MW IPP.
Gas Off-Takers The regasified LNG will be supplied to Enemalta's existing 149MW power plant, which will be converted to operate on gas, and also to a new 210 MW independent power plant to be built, owned and operated by ElectroGas.
Project Benefits Current cost of electricity generation is very high in Malta. This project will significantly lowers Malta's energy costs.

Natural gas is a cleaner, less expensive fuel compared to liquid fuels and offers significant economic and environmental benefits for Malta.
Bid Status ElectoGas Malta Consortium awarded Preferred Bidder status on 13 October 2013.
Project Structure Gas Supply Agreement (GSA) & Power Purchase Agreement (PPA).