Projects

Summary | EU Strategy | Malta’s Outlook | ICM’s Role

Offshore Renewable Energy Project

EU Strategy on Offshore RES

To ensure that offshore renewable energy can help reach the EU’s ambitious energy and climate targets for 2030 and 2050, the European Commission published a dedicated EU strategy on offshore renewable energy (COM(2020)741) on 19 November 2020 which proposes concrete ways forward to support the long-term sustainable development of this sector.

The Offshore Renewable Energy Strategy highlights the need to reach at least 300 GW of offshore wind and 40 GW of ocean energy by 2050 in the EU as a key means to reach climate neutrality, providing a major opportunity to ramp up renewables, develop a resilient industrial base in the whole EU and creating quality jobs, benefiting both coastal and landlocked Member States.

Malta’s Outlook

As part of Malta’s forward outlook and ambition in increasing the share of renewable energy, the Maltese Government is focusing on the development of its offshore (floating) renewable potential. This is being done with a view of establishing the necessary administrative and regulatory frameworks, which will enable the future deployment of larger-scale projects.
In parallel, pursuant to article 14(1) of the TEN-E Regulation (EU) 2022/869, in January 2021, Malta has entered into a non-binding agreement on goals for offshore renewable generation in 2050 for 400MW capacity, with intermediate steps in 2040 and 2030 of 400MW and 50MW respectively.

Malta’s Low Carbon Development Strategy also highlights offshore renewable energy as one of the strategies to enable Malta to reach its environmental targets towards achieving carbon neutrality by 2050 and has since been studying offshore areas that can be dedicated to offshore renewables.

In May 2022, the Maltese Government issued a Preliminary Market Consultation (PMC) for The Proposal of Economic Activities within Malta’s Exclusive Economic Zone. The outcome of this consultation and the submission of interested economic operators is presently being assessed. The result of this exercise shall enable the Government to gauge the interest of potential investors to undertake activities and projects in the proposed exclusive economic zone area in line with the rights provided under the 1982 United Nations Convention on the Law of the Sea (UNCLOS) and the Malta EEZ Act.

ICM’S role

Further to Cabinet decision in January 2023, InterConnect Malta Ltd. (“ICM”) was assigned the role to act as a Project Implementor to plan, prepare, issue, recommend for award a concession for Offshore Renewables.