Skip to main content

Cindrigo acquires three new German geothermal energy projects

Published by , Editor
Energy Global,

Cindrigo Holdings Ltd, an active clean baseload energy developer engaged in the renewable energy sector, has announced an expansion to its European portfolio through the execution of a term sheet in respect of the acquisition of three new geothermal energy projects in Germany. These projects, situated in the renowned geothermal region of the Upper Rhine Valley, represent a strategic entry into one of Europe's most promising geothermal markets.

Cindrigo has signed a term sheet with Zukunft Geowärme GmbH (ZGW), a German geothermal project developer, to acquire a majority interest in three geothermal energy projects. The projects, located in the Upper Rhine Valley, have an initial target of approximately 90 MW (around 30 MW each), and a combined target installed potential capacity exceeding 400 MW, encompassing both geothermal power and heat generation.

Germany has one of the world's most advanced and lucrative geothermal markets, characterised by strong political support, well developed legal structure, high power prices and robust demand for heat. The German Renewable Energy Sources Act (EEG) offers a stable and transparent support scheme for electricity generation using geothermal resources with a feed-in tariff for geothermal power of €00.25/kWh, during a 20 year term. Additionally, German federal funding is available under the ‘Bundesförderung für effiziente Wärmenetze’ (BEW) a subsidy programme for geothermal district heating which covers up to 40% of construction CAPEX for heat production facilities.

The country's favourable financial and commercial environment, coupled with its extensive industrial ecosystem and proven support and track record in geothermal development, make it an attractive destination for investors and developers alike.

Lars Guldstrand, CEO of Cindrigo, commented: “Germany, Europe's largest economy, is committed to clean energy, particularly geothermal. Our strategic entry into Germany aligns with our focus on European renewable energy projects in low risk and stable jurisdictions with well-established governance, bolstering our current operations. With the recent acquisition of the 110 MW already built CHP plant In Finland adding this in Germany we will reach 200 MW under contract as a strong platform for further expansion. We are excited to leverage Germany's advanced infrastructure and supportive regulatory framework to build our market position and create new clean energy sources.”



For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Spring 2024 issue

The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.

Read the article online at:

You might also like


Embed article link: (copy the HTML code below):