REG - Cindrigo Hldgs Ltd - Cindrigo Expands European Portfolio

Cindrigo HoldingsAnnouncement

26/04/2024 08:45

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RNS Number : 1983M  Cindrigo Holdings Limited  26 April 2024

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26 April 2024

Cindrigo Holdings Limited

('Cindrigo' or the 'Company')

 

Cindrigo Expands European Portfolio with Strategic Entry into High-Value
German Geothermal Market

 

Cindrigo Holdings Limited (LSE:CINH), an active clean baseload energy
developer engaged in the renewable energy sector, is pleased to announce a
significant expansion to its European portfolio through the execution of a
term sheet in respect of the acquisition of three new geothermal energy
projects in Germany. These projects, situated in the renowned geothermal
region of the Upper Rhine Valley, represent a strategic entry into one of
Europe's most promising geothermal markets.

 

Cindrigo has signed a term sheet with Zukunft Geowärme GmbH (ZGW), a German
geothermal project developer, to acquire a majority interest in three
geothermal energy projects. The projects, located in the Upper Rhine Valley,
have an initial target of c.90 MW (c.30 MW each), and a combined target
installed potential capacity exceeding 400 MW, encompassing both geothermal
power and heat generation.

 

German Geothermal Market

Germany has one of the world's most advanced and lucrative geothermal markets,
characterised by strong political support, well developed legal structure,
high power prices and robust demand for heat. The German Renewable Energy
Sources Act (EEG) offers a stable and transparent support scheme for
electricity generation using geothermal resources with a feed-in tariff for
geothermal power of 25 euro cents per kilowatt-hour (kWh), during a 20 year
term. Additionally, German federal funding is available under the
"Bundesförderung für effiziente Wärmenetze" (BEW) a subsidy programme for
geothermal district heating which covers up to 40% of construction capital
expenditure for heat production facilities.

 

The country's favourable financial and commercial environment, coupled with
its extensive industrial ecosystem and proven support and track record in
geothermal development, make it an attractive destination for investors and
developers alike.

 

Lars Guldstrand, CEO of Cindrigo, commented, " Germany, Europe's largest
economy, is committed to clean energy, particularly geothermal. Our strategic
entry into Germany aligns with our focus on European renewable energy projects
in low risk and stable jurisdictions with well-established governance,
bolstering our current operations. With the recent acquisition of the 110MW
already built CHP plant In Finland adding this in Germany we will reach ca
200MW under contract as a strong platform for further expansion. We are
excited to leverage Germany's advanced infrastructure and supportive
regulatory framework to build our market position and create new clean energy
sources."

 

 **ENDS**

 

For more information please contact:

 Cindrigo Holdings Limited                 +44 (0) 7408 861 667

 Lars Guldstrand CEO

 St Brides Partners Ltd (PR)               +44 (0) 20 7236 1177

 Charlotte Page, Paul Dulieu

 

 

NOTES

 

About Cindrigo Holdings Limited

Cindrigo Holdings Limited is an active clean baseload energy developer
operating in the renewable energy sector. Cindrigo aims to expand its
energy-portfolio to up to 200 MW of contracted capacity within a year, up to
450 MW within three years, and 1000 MW by 2030. The Company also recently
acquired the license for a 110 MW ready built Biomass combined heat and power
plant in Kaipola, Finland, planned for operational start in Q4 this year.

 

About Zukunft Geowärme GmbH

Zukunft Geowärme GmbH (ZGW) is a German geothermal project development
company led by experienced geologists primarily active in the Upper Rhine
Valley.

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