Cindrigo Holdings Ltd - Guernsey, Channel Islands-based energy producer - Exercises option agreement to acquire fully Energy Co-Invest Global Corp, a geothermal-focused energy developer.
Energy Co-Invest currently owns three geothermal licence blocks in Croatia. Each project has a planned capacity of around 20 megawatts with potential expansion on site and additional blocks for a target 100 megawatts.
For the acquisition, Cindrigo will pay £1.6 million in cash and shares,with £120,000 in cash and the remainder through the issue of shares at a price of £1.25 each.
‘I am thrilled that we have completed the acquisition of ECG, which gives us a solid platform and a basis for further development in the geothermal energy sector. With pressures on clean energy supplies globally and power prices forecast to remain high, geothermal energy is expected to contribute significantly to increased clean, domestic decarbonised electricity resources as a unique green baseload power,’ says Chief Executive Officer Lars Guldstrand.
Current stock price: suspended at 0.13 pence
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