Cindrigo Holdings Limited GBP75m Finance Framework Agreement: Petroline Energy (7723T)
22 March 2023 - 5:00AM
UK Regulatory
TIDMCINH
RNS Number : 7723T
Cindrigo Holdings Limited
21 March 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
21 March 2023
Cindrigo Holdings Limited
('Cindrigo' or the 'Company')
Cindrigo signs GBP75 Million Finance Framework Agreement
with
Abu Dhabi's Petroline Energy
Cindrigo (LSE:CINH) is pleased to announce that, as part of its
ongoing expansion strategy, it has entered into a Framework
Agreement (the "Agreement") with Petroline Energy LLC , an Abu
Dhabi based energy company ("Petroline") for the potential
financing of up to GBP75 million in to Cindrigo Holding's Limited
to be used for Cindrigo's development and construction of its
geothermal projects.
The first phase for the progression of the Cindrigo's 20 MW
project on the Slatina 3 geothermal license in Croatia is a
targeted GBP23 million investment in a 10-year convertible note at
6.5% per annum interest convertible at a 15% discount to the
trading price, capped at 70 pence per share.
Cindrigo and Petroline aim to develop further geothermal power
plants in Croatia, the Pannonian Basin and potentially at other
suitable locations. The Agreement sets out a process for due
diligence to ensure an efficient review and deployment of financing
for new projects, where Petroline will have a first right up to
GBP75 million to make such required investments.
Petroline are in discussion to form a consortium for its
potential investment alongside other potential clean energy
investors in the Middle East and other jurisdictions.
Under the Agreement, Petroline will be entitled to appoint one
member to the Board of Directors of Cindrigo.
The contract is conditional on the completion of satisfactory
due diligence by Petroline as to the representation of
Cindrigo.
Lars Guldstrand, CEO of Cindrigo, said : "Unlocking the huge
potential of geothermal power in Europe requires the coordination
of critical expertise and the resolve of significant financial
investment. We are very grateful for the confidence an established
energy partner like Petroline has exhibited in Cindrigo. We look
forward to strengthening the impact of their investment with
further expansion and strategic cooperation in the geothermal
sector."
**ENDS**
For more information please contact:
Cindrigo Holdings Limited, Lars Guldstrand
CEO +44 (0) 7408 861 667
St Brides Partners Ltd (PR), Catherine
Leftley, Paul Dulieu +44 (0) 20 7236 1177
Notes :
Petroline Energy LLC is an UAE based shipping and energy
company, e stablished in 1997, active in the Shipping, Oil &
Gas and energy industry including trading. Petroline provide
unbiased high-level services on the commodity trading market space
with strong expertise across energy, agriculture and metals.
Petroline offers a comprehensive range of services that meet the
commercial, technical, safety and operational needs of its clients
- ship charterers, commodity movers, oil & energy companies and
ship owners. We strive to be on the forefront of technological
change and emerging trends in order to capitalize on, and connect
to, new opportunities in modern energy solutions.
Cindrigo Group is an active clean baseload power developer
engaged in the renewable energy sector. Cindrigo is currently
focussed on the successful build of its 20 MW geothermal power
plant located in Croatia. A number of expansion projects are also
underway, primarily in the Pannonian basin of Central Europe and
also select markets where Cindrigo has natural strategic
partners.
Cindrigo aims to have contracts in place for geothermal power
plant projects with up to 200 MW of contracted capacity within a
year, up to 450 MW within three years and 1000 MW by 2030. The
financing for each power plant project will primarily by a
structured project finance basis within special purpose vehicles
for each project.
Cindrigo's common shares are pending readmission to trading at
London Stock Exchange Main List ("LSE") with a Standard
Listing.
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END
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