February 25 (Renewables Now) - Cindrigo Holdings Ltd (LON:CINH), a renewables developer planning incineration projects in Ukraine, does not intend to abandon its business in the country that is currently being invaded by Russian armed forces.
In an update to its shareholders on Thursday, Cindrigo said it is very concerned with the current situation in Ukraine and is following the situation closely, but will not withdraw from its activities.
The company plans to build waste-to-energy (WtE) combined heat and power (CHP) plants in Ukraine to incinerate 1,000 tonnes of municipal solid waste per day, according to information on its website. Cindrigo also said in its update that it will continue to develop new geothermal energy projects “with all due expedition”.
The firm expects in the near future to make use of an option to acquire the entire issued share capital of peer Energy Co-Invest Global Corp (ECG). The target has controlling stakes in large geothermal licence blocks in Croatia and is negotiating follow-on projects in Central Europe, while also being the largest shareholder of an operating geothermal company in Iceland. The latter owns projects in Chile and Kenya.
Such a transaction would diversify Cindrigo's business interests geographically.