With the acquisition of company Energy Co-Invest Global, renewable energy developer Cindrigo targets geothermal development in Croatia and acquires large share in Icelandic GEG.
Renewable energy company Cindrigo, focused on geothermal power and waste to energy projects announces having exercised an option agreement entered into, and as announced on 30 November 2021, to acquire the entire issued share capital of Energy Co-invest Global Corp. ECG is an established international energy developer with interests in a broad base of projects within the renewable energy sector, particularly the geothermal energy sector. The Acquisition will give the Company an immediate position in the geothermal energy sector and a strong platform for future growth, in line with its strategy as a clean baseload power developer.
Amongst ECG’s main active projects are three geothermal licence blocks in Croatia. Each of those geothermal license blocks have a planned capacity of approximately 20MW with potential expansion on site and additional blocks for a target 100 MW
Each project is anticipated to annually produce an EBITDA of GBP 12 million, with potential dividend streams to accrue to project owners, including ECG and/or the Company directly. The first operational geothermal power plant is targeted for next year.
ECG is also the largest shareholder of GEG ehf., an Iceland-based geothermal Engineering, Procurement and Construction (EPC) contractor and project owner with an established portfolio of assets
With the acquisition, the company is targeting additional expansion opportunities, primarily focussed on Central Europe, with a first round of projects identified in Croatia and Hungary. The aim is further to have contracts in place for geothermal power plant projects with up to 200 MW of installed capacity within a year, up to 450 MW within three years and 1,000 MW by 2030.