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CINH Cindrigo Holdings Limited

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type Share ISIN Share Description
Cindrigo Holdings Limited LSE:CINH London Ordinary Share GG00BV0LCK35 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec 10k -2.47M - N/A 0

Cindrigo Holdings Limited Framework Agreement with Kaishan Renewable Energy (1701V)

03/04/2023 11:45am

UK Regulatory


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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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

AGRUPUGWCUPWGUW

(END) Dow Jones Newswires

April 03, 2023 06:45 ET (10:45 GMT)

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