- Cindringo purchases geothermal company as part of expansion plans.
- It plans to have a 450MW installed capacity in three years.
Cindringo Holdings, a renewable energy project development company, has activated its option of taking over a geothermal company in central Europe, Energy Co-Invest Global Corp (ECG). With Cindrigo wanting to expand its assets into the renewable energy sector and in other locations, the accretion is, therefore, a part of the company’s expansion strategy.
Cindrigo will focus on geothermal power assets located in Central Europe, after which those in the periphery parts of the European Union will be the following targets. The company also has an eye for some “select non-EU jurisdictions with strong energy sectors.”
Milestones have been set in its expansion project strategy—200MW of installed capacity within a year, 450 MW within three years, and 1,000MW by 2030. The focus for all of the expansion is in the geothermal energy sector. The company aims to secure debt and equity finance for these acquisitions.