Under the Framework Agreement, Kaishan has been granted Preferred Partner and Vendor status for each of Cindrigo’s Projects in Europe. Each Project will be managed by separate Special Purpose Vehicles (SPVs) and may be subject to separate agreements within the intent of the Framework Agreement. Services provided by Kaishan may include full “turnkey” EPC or parts thereof, including design and engineering, equipment supply and financing.
Kaishan Renewable Energy Company is a member of the Kaishan Group, a diversified global company specializing in the R & D, manufacturing and operation of power generation equipment. Through other subsidiaries, Kaishan is also developing projects in Turkiye and several parts of the United States.
The first project targeted under the Framework Agreement is the 20 MW project led by Cindrigo development companies on the Slatina 3 geothermal license in Croatia. A few months ago, Cindrigo thru Croatian incorporated company EES Dravacel energetika d.o.o (Dravacel) secured the permit to drill an exploratory well for the Slatina 3 project. Kaishan is the preferred turnkey Engineering, Procurement and Construction (EPC) contractor and Operations and Maintenance (O&M) contractor for the project, and may also facilitate 70% of this project’s finance required subject to financial review.
The Parties are now exchanging technical data on Slatina 3 and are committed to the aim of reaching Final EPC Agreement for Slatina 3 within Q2 2023.
The strategic long-term cooperation approach adopted demonstrates an efficient, cost-effective and best-practice approach to developing the geothermal sectors where Cindrigo operates, first in Croatia. This will extend to Cindrigo projects in priority jurisdictions in Europe and globally as the foundation of a deliberate rollout strategy for Cindrigo’s target portfolio of 1000 MW.
