UK-based renewable energy developer Cindrigo announced that it has signed an agreement on the acquisition of 90 % stake in local company Dravacel Energetika, which holds a license for the construction of a 20 MW geothermal power plant.
The statement from the company 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.
Amongst ECG’s main active projects are three geothermal license blocks in Croatia. Each of those geothermal license blocks have a planned capacity of approximately 20 MW with potential expansion on site and additional blocks for a target 100 MW.
Each project is anticipated to annually produce an EBITDA of 12 million pounds, with potential dividend streams to accrue to project owners, including ECG and/or the company directly. The first operational geothermal power plant is targeted for next year.