Cindrigo has introduced their exit from the Slatina 3 geothermal undertaking in Croatia, as an alternative realigning give attention to newly acquired geothermal property in Germany.
Cindrigo Holdings Ltd. (Cindrigo) has introduced their exit from the Slatina 3 geothermal energy undertaking in Croatia. This follows earlier information of a request for a six-month extension of the exploration license for the undertaking from the corporate tot the Croatian Hydrocarbon Company.
With this resolution, the UK-based renewable power firm shifts their focus to newly acquired geothermal property, particularly three geothermal initiatives within the Higher Rhine Valley in Germany.
In mid-2022, Cindrigo (by way of Cindrigo Geothermal Restricted) introduced the 90% acquisition of Croatian geothermal agency EES Dravacel Energetika (Dravacel), by way of which the Slatina 3 undertaking was to be developed. The corporate had introduced plans to begin drilling earlier this yr, however these had been halted pending the choice on the license extension request.
Cindrigo cites a number of causes for his or her resolution to exit the Croatian geothermal market, amongst these the “licensing delays and the shortage of transparency from the Croatian Hydrocarbon Company” and a better anticipated output from their German prospects.
The corporate’s withdrawal from Slatina 3 additionally terminated its mortgage agreements with Petroline LLC and Tri Ri Asset Administration.
Expiration of license phrases and potential new co-owner
In keeping with Croatia’s Ministry of Economic system, the choice to not prolong the exploration license was as a result of Cindrigo already receiving the utmost variety of license extensions. The developer was additionally cited as not assembly the deadlines for drilling, and that the concession had rightfully expired as of April 2024.
Documentation submitted to the Zagreb Business Courtroom signifies that Cindrigo had initiated chapter proceedings at Dravacel. Nonetheless, the paperwork additionally present that Swedish company Danir AB holds a 49.1% stake in Cindrigo Geothermal Ltd. as a part of a mortgage settlement for £4.5 million. The brand new possession framework for Dravacel will seemingly be clarified as soon as the chapter proceedings are accomplished. Previous to Cindrigo’s acquisition, 100% possession of Dravacel was with entrepreneur Marinko Mikuli?.
