NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY,
WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN.
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
Lars
Guldstrand CEO
|
+44 (0)
7408 861 667
|
|
St Brides
Partners Ltd (PR)
Charlotte Page, Paul Dulieu
|
+44 (0) 20
7236 1177
|
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.