UK-based renewable energy developer Cindrigo announced that it has completed the acquisition of 90 % stake in local company Dravacel Energetika, which holds a license for the construction of a 20 MW geothermal power plant near Slatina in northern Croatia.
The company also said that Dravacel received a location permit for the project from the Croatian Ministry of Spatial Planning and other relevant authorities. The location permit allows the project’s research drilling rig for geothermal water exploration well Slatina GT-1 with borehole working area in geothermal water within Slatina-3 research area.
The acquisition was announced in June, when Cindrigo said that it paid 475,000 euros for 90 % stake in Dravacel Energetika and will be responsible for financing the geothermal project near Slatina. Cindrigo expects, that the project will bring annual EBITDA of 14 million euros once completed.
In March, Cindrigo acquired Canadian company Energy Co-Invest Global (ECG), which holds concessions three geothermal blocks in Croatia. The acquisition will give Cindrigo an immediate position in the geothermal energy sector and a strong platform for future growth, in line with its strategy as a clean baseload power developer.