Malta Enterprise doubles the financial aid for companies that invest in ecological operations
Malta Enterprise is doubling the financial aid it provides to companies that invest in energy-saving equipment in order to encourage businesses to adopt more sustainable operations.
The Intelligent and Sustainable Investment grant will be covering 50% of the eligible investment, up to a maximum of €100,000. The tax credit for such investments will be doubled from €20,000 to a maximum of €40,000.
The changes in the scheme were announced in the last budget and stated again by the Minister of Energy and Enterprise Miriam Dalli during a visit to the Paradise Bay Hotel, a company that benefited from the scheme.
The hotel has invested €200,000 in smart solar energy solutions to support its water heating needs and to ensure the production of 11,000 liters of sanitary water as energy storage. The solar plant will contribute to almost 70% of the hotel’s total energy needs, with annual fuel savings amounting to €60,000, which will fully recover the cost of the investment in three and a half years. The project is also reducing the hotel’s CO2 emissions by 220 tonnes per year.
The company has also invested in a waste water treatment installation and is seeing a 100% water recovery system, with a very high return on investment and an encouraging full cost recovery within 12 months .
“The changes we are implementing are not only cost-saving measures but also help us reduce our carbon footprint,” said Paradise Bay Hotel General Manager Quentin Grima.
ME CEO Kurt Farrugia said that the project implemented by Paradise Bay Hotel was an example of the priority that the business community was giving to sustainability and energy efficiency.
The Minister welcomed the efforts being made by Maltese businesses in different sectors, including hospitality, as they turned towards more sustainable operations.
“Without a doubt, the hospitality sector was among the worst affected during the pandemic. Through the wage supplement, its extension and the support in the utility bills, the government helped the companies to keep going. At the same time, we launched schemes to encourage businesses to invest in sustainable operations to become more efficient and reduce costs,” said Dalli.