Cindrigo, Kaishan form geothermal partnership in Europe

Cindrigo Holdings Ltd and a Singapore-registered member of the Kaishan Group have entered into a framework agreement to develop and operate geothermal power plants in Europe, starting with a 20-MW project in Croatia.

Cindrigo has chosen Kaishan as the preferred partner and vendor for each one of its developments in Europe. Moreover, Kaishan will serve as the preferred turnkey Engineering, Procurement and Construction (EPC) and Operations and Maintenance (O&M) contractor for the project that makes use of the Slatina 3 geothermal license in Croatia.

Presently, the two parties are exchanging technical data on Slatina 3, with the hope of signing a final EPC deal this quarter. Subject to financial review, Kaishan could facilitate 70% of this project's needed finance.

"We see Cindrigo as a strong partner in the expansion of geothermal in new markets, initially in Croatia and the Pannonian Basin with other markets to follow,” commented Cao Kejian, chairman of the Kaishan Group, which is said to be the largest compressor manufacturer in the world.

Cindrigo targets the signing of deals for up to 200 MW of contracted capacity within a year, up to 450 MW within three years and 1,000 MW by 2030.

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