Generating Power, Profits and Shareholder Value

Cindrigo is a developer of clean baseload power plants primarily focused on Geothermal power & Waste to Energy.

GEOTHERMAL: heat from geothermal resource drives steam turbines. Carbon negative by avoidance of grid emissions from fossil fuel baseload.

WASTE-TO-ENERGY: heat from combusting waste drives steam turbines. WtE plants are carbon neutral or negative by avoiding methane.

As the coordinating project owner, Cindrigo is poised to become a significant renewable energy provider and is on track to be the largest player in Europe by installed geothermal capacity owned and operated through its consolidation of European geothermal assets. Value creation by Cindrigo is intended to be driven by the efficient use of resources, consistent with the Company’s core expertise in leading projects as a developer, that result in its development as an Independent Power Producer (“IPP”).

Cindrigo owns 100% of Energy Co-Invest Global Corp (ECG), an international energy developer with a broad portfolio of projects within the renewable-energy sector that has rights and intellectual property related to several renewable energy projects and operations globally.

ECG’s active projects are three geothermal licence blocks in Croatia:

  • Each have planned capacity of ~20MW with potential expansion on site and additional blocks for a target 100 MW
  • Each project is anticipated to annually produce an EBITDA of £12 million, with potential dividend streams to accrue to project owners, including ECG and/or the Company directly
  • First operational geothermal plant targeted for 2023

ECG is also the largest shareholder of GEG ehf., (‘GEG’) a geothermal Engineering, Procurement and Construction (EPC) contractor and project owner based in the globally recognised geothermal hub of Reykjavik, Iceland. GEG holds rights in certain projects directly including projects in Chile and Kenya, major geothermal markets each with a potential of 20MW in first phases and with combined expansion on the project sites to over 200MW. The team has a history of successfully designing and constructing 15 geothermal power plants and repowering one for the Icelandic national utilities with totalled installed capacity of 90 MW.


  • EPC and developer in Icelandic geothermal hub with key strategic partnerships with other developers and supply chains
  • Unique leadership in modular, wellhead power plants with significant intellectual property, and patents
  • Numerous awards and ISO 9001 certification
  • Broad development portfolio:
    • Majority ownership of projects in Chile and Kenya with others in advanced negotiations
    • Government grants for several projects (Iceland, Chile and Kenya)
    • O&M contract
  • Large portfolio of operating plants have been confirmed as candidates for expansion of installed capacity by “infill”
  • Certified for Green Bond by Cisero, grade Dark Green

Technology and operating risks are the lowest in the sector and projects eminently financeable


Power production using geothermal energy is a well-established source of power production, using water heated by nature and released by drilling to depths of between 1,500m to 5,000m. The heated water then produces steam that drives turbines to generate electricity. The heated water has also other applications including district heating and cooling, and direct use. Power generated in this way is classed as “green energy”, attracting premium pricing due to its decarbonising impact. It is preferred by governments and grid operators due to its baseload capacity. Power sales are structured on long-term contracts typically over 10 to 15 years, or in exceptional circumstances, for 20 years with feed in tariffs (FIT) or Power purchase agreements (PPA) with government or grid operators.

Geothermal power production provides:

  • The only renewable power generation source that can provide large-scale baseload power.
  • The best investment return of all renewable sources. IRR is in the range of at least 15% – 20%, with special projects producing returns as high as 25%- 50%.
  • The best carbon and environmental performance of all the renewables. The project footprint is limited but delivers long-term production (up to 50 years).
  • Break-even may be achieved, dependent on the resource sources heat and pressure, at electricity prices of €0.06 to €0.08 per kWh.

Market Opportunity

In Europe today, geothermal energy produces just 1.5 GW of electricity, mainly in Iceland and Italy. However, it is estimated that the continent’s geothermal energy resources could be harnessed and produce the equivalent of 80-100 GWe. The opportunities are plentiful, and the long-term goal of the International Energy Agency is to increase electricity production using geothermal up to 15-30 GWe and the direct use of geothermal for heating or cooling up to 300 GWt

Attractive areas for geothermal in Europe include the Pannonian Basin in Central Europe (Croatia, Hungary, Romania and Slovakia) where Cindrigo will focus initially, Germany and Greece.

Another large area gaining prominence is the “African Rift”, the area along the East coast of Africa up to Turkey. Kenya is the eighth-largest geothermal electricity producer in the world, producing about 5 billion kWh annually and boasts the largest share of annual electricity generation from geothermal energy at 46%.

Market Roll-Out

Cindrigo is aiming to focus on projects in EU /Central Europe, initially projects in Croatia and the Pannonian Basin, a region where a large number of drilled wells already exist, reducing the upfront costs and drilling risk.

Whilst the IRR for geothermal projects is normally in the region of 10% to 20%, carefully selected projects in Croatia can produce higher returns of 25% to 40%. The highest premium power prices within the geothermal sector are paid in Germany (€0.25 per kWh) and Croatia (€0.164/ kWh), against a typical price of less than €0.10/ KWh. Germany needs to replace an ageing fossil fuel infrastructure, whilst Croatia is seeking to establish a thriving geothermal sector due to its geographic benefits. The higher sale prices are a direct addition to bottom line; there are no additional operating costs in these two countries. In addition, both countries have clear and beneficial legislation to support geothermal development, have high quality equipment providers and EPC contractors.

Only 5% of geothermal potential is used world-wide (click to see larger image)

Waste to Energy

Worldwide, about 130 million tonnes of municipal solid waste (MSW) are combusted annually in over 600 waste-to-energy (WTE) facilities that produce electricity and steam for district heating and replace metals for recycling.

Since 1995, the global WTE industry has increased by more than 16 million tonnes of MSW and this looks set to rise further. According to a directive from the European Union, landfilling of combustible materials must be phased out within the decade.

>Humankind’s waste creation is on an upward trajectory and there’s a pressing need to handle this waste in an environmentally friendly and energy efficient way. As modern society moves towards an increasing level of urbanisation, and with a growing population that demands greater consumption of goods and greater energy needs, the topic of waste management and energy recovery from waste becomes central for future scenarios of sustainable development.

Cindrigo were advancing the construction of a 1000 tonne MSW per day WTE facility in Kyiv, Ukraine, with China Energy as project partner. Given the current global climate and uncertainty in Ukraine at present, all plans for the proposed WtE project in Kyiv have been suspended, however China Energy remain a supportive partner.

Cindrigo – An investment opportunity with high upside potential