On April 3, Mr. Cao Kejian, chairman of Kaishan Group Co., Ltd. (a company listed on the Shenzhen Stock Exchange, stock code: 300257), and Mr. Lars, the CEO of Cindrgo (a company listed on the London Stock Exchange, stock code: CINH), Guldstrand signed a cooperation framework agreement, and the two parties agreed to issue a general version of the press release in Shanghai and London at the same time. The editorial board forwards the version of the press release drafted by Cindrigo. Cindrigo Holdings Limited (“Cindrigo” or the “Company”) Cindrigo signed a framework agreement with Kaishan, a giant in the geothermal industry.
Cindrigo (London Stock Exchange abbreviation: CINH) recently disclosed that, as part of its business expansion strategy, it has signed a geothermal project development, financing, construction and operation framework agreement with Kaishan Renewable Energy Development PTE LTD, a member company of Cindrigo. Kaishan Group (“Kaishan”) of Singapore. The first target project of the framework agreement is the Slatina3 license project in Croatia led by Cindrigo Development Company, with a planned installed capacity of 20MW. Kaishan is the preferred turnkey engineering, procurement, construction (EPC) contractor and operation and maintenance contractor. Kaishan is also considering providing 70% of the financing for the project until the project is completed if the financial situation is good. According to the framework agreement, Cindrigo will give Kaishan the status of preferred partner and supplier for its projects in Europe. Each project is managed through its own special purpose and independent agreements can be concluded on the basis of the framework agreement. The services provided by Kaishan include complete “turnkey” EPC or partial work, such as design, engineering, equipment supply, financing, etc. The long-term strategic cooperation between the two parties has demonstrated an efficient, cost-effective and high-quality geothermal development model, and Cindrigo will take its first step in Croatia. This will allow Cindrigo to operate in key countries across Europe and globally, forming a solid foundation for its targeted 1000MW project portfolio. The two parties are currently exchanging technical data on Slatina 3 and are committed to completing the EPC contract for Slatina 3 in the second quarter. Cao Kejian, chairman of Kaishan Group, said: “We believe that Cindrigo is a strong partner in the development of new markets for geothermal energy; starting from Croatia and the Pannonian Basin, we will gradually expand to other markets. Attractive market for a further leap.” Lars Guldstrand, CEO of Cindrigo, said: “We are delighted to cooperate with Kaishan Group, which holds a leading position in the field of geothermal development worldwide. Kaishan Group has a long-established facility in Europe, the United States and surrounding regions. Supplying the historic world and also operating its own portfolio of large-scale power plant projects, Kaishan, like Cindrigo, recognizes the business opportunity that comes with unlocking the enormous potential of geothermal power generation in Europe.
Post time: May-10-2023
