Business
Acquisition of EES Dravacel energetika d.o.o.
Acquisition of EES Dravacel energetika d.o.o..
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.\n \n \n \n \n \n 13 June 2022\n \n \n \n \n \n \n Cindrigo Holdings Limited\n \n \n \n ('Cindrigo' or the 'Company')\n \n \n \n \n \n \n \n \n Acquisition of 90% of the issued share capital\n \n \n \n \n of\n \n \n \n \n EES Dravacel energetika d.o.o.\n \n \n \n \n for Development of 20MW Geothermal Power Plant in Croatia\n \n \n \n \n \n \n \n \n Cindrigo is pleased to announce that as part of its ongoing expansion strategy its wholly owned subsidiary, Cindrigo Geothermal Limited, has entered into a Share Purchase Agreement to acquire 90% of the issued share capital of EES Dravacel energetika d.o.o.('Dravacel'), a Croatian incorporated company, which holds a geothermal exploration licence in respect of 57,926 m2 in Slatina, north Croatia ('CCP Slatina' or the 'Project'), prospective for geothermal development (the 'Acquisition').\n Dravacel has prepared formal requests for all permits necessary to obtain the right to implement a well-defined drilling programme to access the geothermal heat resource and the necessary permit is anticipated to be issued shortly.\n \n \n \n \n \n \n Highlights\n \n \n \n ·\n Cindrigo to acquire a 90% interest in Dravacel, with plan to developed as a 20 MW geothermal power plant with potential further expansion opportunities identified\n \n \n ·\n Project located in the Virovitica-Podravina County, near the town of Slatina in a region with anticipated highly energetic geothermal resources\n \n \n ·\n Formal requests for all permits necessary to obtain the right to implement a well-defined drilling programme to access the geothermal heat resource have been prepared, and the necessary permit is anticipated to be issued shortly\n \n \n ·\n The Project, once operational, is anticipated to annually produce an EBITDA of £12 million, with potential dividend streams to Cindrigo\n \n \n ·\n Financing for project construction and commissioning to primarily be sought on a project-finance basis alongside the potential issue of certified green bonds\n \n \n ·\n Dravacel to retain remaining 10% interest, with Cindrigo holding the controlling majority of the Dravacel board\n \n \n ·\n Cindrigo holds rights and responsib...