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Framework Agreement with Kaishan Renewable Energy
Framework Agreement with Kaishan Renewable Energy.
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 April 3, 2023\n \n \n \n \n \n \n \n \n Cindrigo Holdings Limited\n \n \n ('Cindrigo' or the 'Company')\n \n \n \n \n \n Cindrigo signs Framework Agreement with geothermal industrial giant Kaishan\n \n \n \n \n \n \n \n Cindrigo (LSE:CINH) is pleased to announce that, as part of its ongoing expansion strategy, it has\n signed a Framework Agreement with\n Kaishan Renewable Energy Development PTE LTD\n , a Singapore-registered company and member of the Kaishan Group\n (\"Kaishan\")\n (collectively the \"Parties\")\n to develop, finance, build and operate geothermal power plants (the \"Framework Agreement\").\n \n \n \n \n \n The first project targeted\n under the Framework Agreement\n is the 20 MW project led by Cindrigo development companies on the Slatina 3 geothermal license\n in Croatia\n . Kaishan is the preferred turnkey Engineering, Procurement and Construction (EPC) contractor and Operations and Maintenance (O&M) contractor\n . Kaishan may also\n facilitat\n e\n 70%\n of this project's finance required subject to financial review\n .\n \n \n \n \n \n Under the Framework\n Agreement, Kaishan\n has been granted P\n referred\n P\n artner and\n V\n endor status for each of Cindrigo\n '\n s Project\n s\n in Europe. E\n ach Project will be managed by separate Special Purpose Vehicles (SPVs) and may be subject to\n separate\n a\n greements within the intent of the Framework Agreement. Services\n provided by Kaishan\n may\n include\n full \"turnkey\"\n EPC or parts thereof, including\n design and engineering, equipment supply\n and\n financing.\n \n \n \n \n \n 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. \n \n \n \n \n \n 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 2...