Cindrigo to invest in 90 MW of geothermal projects in Germany

Renewables developer Cindrigo Holdings Limited (LON:CINH) has reached an agreement to acquire a majority interest in three new geothermal energy projects in Germany with an initial targeted capacity of about 30 MW each.

The deal was agreed with German geothermal project developer Zukunft Geowärme GmbH (ZGW), according to a statement from Friday.

The projects are located in the Upper Rhine Valley and have a combined target installed potential capacity of over 400 MW, encompassing both geothermal power and heat generation.

“Our strategic entry into Germany aligns with our focus on European renewable energy projects in low risk and stable jurisdictions with well-established governance, bolstering our current operations,” said Cindrigo’s CEO Lars Guldstrand.

The German investment will expand Cindrigo’s European portfolio and comes shortly after, earlier this month, the company agreed to acquire Kaipolan Energia OY, a Finnish company that holds a 50-year lease of a 110-MW waste-to-energy combined heat and power (CHP) plant located in Kaipola, Finland.

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