REG - Cindrigo Hldgs Ltd - Framework Agreement with Kaishan Renewable Energy

Cindrigo HoldingsAnnouncement

03/04/2023 11:45

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RNS Number : 1701V  Cindrigo Holdings Limited  03 April 2023

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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 facilitate 70% of this project's finance required
subject to financial review.

 

Under the Framework Agreement, Kaishan has been granted Preferred Partner and
Vendor status for each of Cindrigo's Projects in Europe.  Each Project will
be managed by separate Special Purpose Vehicles (SPVs) and may be subject to
separate agreements 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                           +44 (0) 7408 861 667

 Lars Guldstrand CEO

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

 Catherine Leftley, Paul Dulieu,

 

 

 

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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