GO plc has announced that it has signed an agreement to take a majority shareholding in AQS Med Limited, a company active in the solar power field.

The 51 per cent holding would be purchased for €1.2 million, with the possibility of a further total earnout of €1.98 million depending on the performance of AQS over a five year period.

AQS Med was described by the telecommunications giant as a “market leader” that has been entrusted with some of the largest installations on the island.

Among these are a 2.2MW installation at Playmobil, 1.4MW at Methode, 0.9MW at PAMA Supermarket and 0.4MW with Shanghai Electric at various Enemalta sites.

The company is owned by Robert Frendo and Adrian Spiteri. It is not yet clear what role, if any, they will have in the company should the sale go through.

In its announcement, GO specified that the conclusion of the transaction is dependent on a number of conditions precedent being satisfied and therefore “may or may not conclude”.

“This strategic acquisition underlines the company’s commitment to renewable energy,” said GO. “Furthermore, the company believes that through this acquisition it can help support the achievement of Malta’s environmental targets which, at the same time, present an opportunity to grow in the energy vertical.”