Cindrigo Holdings Limited Framework Agreement with Kaishan Renewable Energy (1701V)
April 03 2023 - 6:45AM
UK Regulatory
TIDMCINH
RNS Number : 1701V
Cindrigo Holdings Limited
03 April 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
April 3, 2023
Cindrigo Holdings Limited
('Cindrigo' or the 'Company')
Cindrigo signs Framework Agreement with geothermal industrial
giant Kaishan
Cindrigo (LSE:CINH) is pleased to announce that, as part of its
ongoing expansion strategy, it has signed a Framework Agreement
with Kaishan Renewable Energy Development PTE LTD , a
Singapore-registered company and member of the Kaishan Group
("Kaishan") (collectively the "Parties") to develop, finance, build
and operate geothermal power plants (the "Framework
Agreement").
The first project targeted under the Framework Agreement is the
20 MW project led by Cindrigo development companies on the Slatina
3 geothermal license in Croatia . Kaishan is the preferred turnkey
Engineering, Procurement and Construction (EPC) contractor and
Operations and Maintenance (O&M) contractor . Kaishan may also
facilitat e 70% of this project's finance required subject to
financial review .
Under the Framework Agreement, Kaishan has been granted P
referred P artner and V endor status for each of Cindrigo ' s
Project s in Europe. E ach Project will be managed by separate
Special Purpose Vehicles (SPVs) and may be subject to separate a
greements within the intent of the Framework Agreement. Services
provided by Kaishan may include full "turnkey" EPC or parts
thereof, including design and engineering, equipment supply and
financing.
The strategic long-term cooperation approach adopted
demonstrates an efficient, cost-effective and best-practice
approach to developing the geothermal sectors where Cindrigo
operates, first in Croatia. This will extend to Cindrigo projects
in priority jurisdictions in Europe and globally as the foundation
of a deliberate rollout strategy for Cindrigo's target portfolio of
1000 MW.
The Parties are now exchanging technical data on Slatina 3 and
are committed to the aim of reaching Final EPC Agreement for
Slatina 3 within Q2 2023.
Cao Kejian, Chairman of the Kaishan Group, said: "We see
Cindrigo as a strong partner in the expansion of geothermal in new
markets, initially in Croatia and the Pannonian Basin with other
markets to follow. We strongly believe that together we can provide
mutual support r and strengthen expansion in a very attractive
market"
Lars Guldstrand, CEO of Cindrigo, said : "We are excited to be
working with the Kaishan Group, a world-leader in geothermal.
Kaishan has a long history of supplying equipment in Europe, the
United States and globally and also operates a large portfolio of
its own power plants. Like Cindrigo, Kaishan recognises the
business opportunity that unlocking the huge potential of
geothermal power in Europe offers.
**ENDS**
For more information please contact:
Cindrigo Holdings Limited
Lars Guldstrand CEO +44 (0) 7408 861 667
St Brides Partners Ltd (PR)
Catherine Leftley, Paul Dulieu, +44 (0) 20 7236 1177
Notes
Kaishan Group is the largest compressor manufacturer in the
world and one of the world's largest geothermal groups with 4,500
employees and over EUR 2 Billion in Market Cap.
Kaishan is a rapidly growing independent power producer and
modular plant equipment supplier, with manufacturing in the
European Union (Austria), China and the United States and a
portfolio of geothermal assets of more than 400MW in operation
and/or development in Indonesia, the United States of America,
Hungary, Turkey and Kenya.
Cindrigo Group is an active clean baseload power developer
engaged in the renewable energy sector. Cindrigo is currently
focussed on the successful build of its 20 MW geothermal power
plant located in Croatia. A number of expansion projects are also
underway, primarily in the Pannonian Basin of Central Europe and
also select markets where Cindrigo has natural strategic
partners.
Cindrigo aims to have contracts in place for geothermal power
plant projects with up to 200 MW of contracted capacity within a
year, up to 450 MW within three years and 1000 MW by 2030. The
financing for each power plant project will be primarily on a
structured project finance basis within special purpose vehicles
for each project.
Cindrigo's common shares are pending readmission to trading at
London Stock Exchange Main List ("LSE") with a Standard
Listing.
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