Last Updated on Wednesday, 31 May, 2023 at 7:15 pm by Andre Camilleri
The Malta Chamber of SMEs notes with satisfaction the massive turnout for participation in the Invitation to Bid (ITB) issued by the Energy Ministry via the REWS (Regulator for Energy and Water Services) for the award of financial support for electricity from renewable energy. The participants were bidding for the feed-in tariff rate that Government will give them when they feed the power they generate into the national electricity grid. The proposed projects are all privately owned solar farms that they are planning to build and finance.
Over subscription in this case is a watershed moment for Malta. Malta has really turned a new page in renewable energy production. Clearly, there is investment appetite as well as confidence from Private Enterprise in the future of the country. It is also evidence of the good work being done by the Energy Ministry as well as encouragement for the Ministry to work together with stakeholders such as the Malta Chamber of SMEs to achieve even more.
Of a total of 50MW power generation through the proposed projects, only 19MW will materialize due to capping imposed on the capacity that can be installed. We strongly urge Government to raise the limits imposed so that the remaining projects are green-lit as soon as possible. It would be a pity if these investors lose interest; keeping up the momentum will likely attract new investors which will eventually result in putting Malta on the European renewable energy map. Encouraging more investment, such as this, one will enable the nation to reach its renewable energy targets. Funds currently being spent abroad to purchase energy can instead be diverted to the local economy, Industry and Employers.