The co-operation project with Enemalta Plc is the first overseas project of SEP to achieve profitability. The project constitutes SEPM as a stakeholder of Malta’s national energy firm, Enemalta Plc, through owning 33.3% of its issued shares. SEPM is also in possession of a majority stake in Malta’s largest power plant, D3 Power Generation Ltd (150MW) and is leading the completion of the Delimara 3 plant EPC HFO-to-gas conversion project. SEPM and Enemalta jointly established International Renewable Energy Development Ltd (IREDL) with the aim of developing projects amounting to an estimated 300 MW of onshore and offshore wind power as well as solar power within five years.