Interconnect Malta (ICM) said Friday it has recorded significant interest from international developers, investors, and technology providers following the recent launch of the Preliminary Market Consultation (PMC) for the large-scale importation of renewable energy from North Africa via a dedicated sub-marine cable.
To accommodate this strong market response and ensure that all interested parties have sufficient time to prepare comprehensive, high-quality submissions, ICM said it is officially announcing a ten-week extension of the submission deadline.
“The market research for the proposed renewable energy link with North Africa is strategic initiative and an interesting option which Malta is willing to study further for Malta’s long-term energy transition towards the sustainability of our power sources and our transition to carbon neutrality by 2050.
It complements the National Energy and Climate plan (NECP) which mandates significant increase in renewable energy share and a reduction in greenhouse gas emissions and dovetails with Government’s Envision 2050 which prioritises quality-led growth and green transformation to ensure sustainable energy infrastructure remains a driver for national competitiveness and wellbeing,” said Miriam Dalli, Minister for Environment, Energy and Public Cleanliness.
“The proposed project explores the feasibility of a dedicated submarine power cable to import 0.8 Terawatt-hours (TWh) of renewable energy annually by tapping into the vast renewable resources of North Africa satisfying approximately 25% of the nation’s electricity demand based on 2025 consumption levels, significantly reducing Malta’s carbon footprint.” said ICM Chairman, Perit Godwin Agius.
The extension is intended to allow proponents to further refine the technical and financial aspects of their proposals. The Government is seeking solutions that can provide a baseload energy profile, potentially utilizing a balanced mix of solar and wind generation alongside ancillary storage technologies.
Beyond environmental benefits, the project is designed to enhance national infrastructure resilience by establishing an additional independent point of entry for renewable electricity, connecting Malta to a different continent to strengthen its security of supply through diversification, the company said.
The project explores a private investment model where, if proved feasible, the Government will guarantee an offtake mechanism by means of a two-way Contract for Difference CfD for 25 years. This way, infrastructure risks are mitigated by a protected price while consumers benefit from affordable energy through stable energy costs.
