Shanghai Electric Power Co., Ltd. (SEP) has partnered with Accenture in its first step of expansion to the European energy market through a successful acquisition in Malta.
SEP acquired 33% shares of Enemalta PLC, Malta’s only state-owned energy company, together with the acquisition of 90% stake of Delimara 3, a major power plant in the country.
As a Chinese public company and a subsidiary of State Power Investment Corporation, SEP announced earlier its strategic investment in Malta for the acquisition projects and converting Delimara 3 to a gas-powered plant. SEP will also form a joint venture with Enemalta to develop renewable energy business eyeing markets abroad.