Cindrigo announced that it has exercised the option agreement entered into last November to acquire the entire issued share capital of Energy Co-invest Global Corp (ECG). Cindrigo wants to expand its renewable energy portfolio and this acquisition of ECG will help the former to strengthen its position in the clean energy space, especially geothermal energy.

Cindrigo is focusing on its consolidation of European geothermal assets that are operating and in development in Central Europe initially. Then it plans to expand in the European Union periphery and countries with established commercial and financing ties with the EU as well as select non-EU jurisdictions with strong energy sectors. Suitable geothermal resources have already been identified in Croatia and Hungary, in the Pannonian Basin of Central Europe.

ECG has three projects in Croatia, with planned installed capacity of 60MW combined and its first geothermal project is expected to be operational next year. It plans to have contracts in place for 200 MW of installed geothermal power projects within a year, going up to 450 MW within three years and 1,000 MW by 2030. However, the achievement of these targets will depend on access to the right financing.