Cindrigo: Important agreements in place for geothermal power plant rollout - Emergers

With a prolonged Russian cut-off from Europe, Russia’s energy war against the natural gas-dependent continental Europe has put self-sufficiency of sustainable energy at the top of the agenda. Cindrigo is now in the starting blocks of a geothermal power multi-plant rollout, starting with 20MW in Croatia operational in 2024, to produce a total of +150 MW of clean baseload power by 2026. We now find support for a risk-adjusted fair value range of GBP 1.00-1.20 per share, solely based on the Croatia projects, noting that a successful rollout should elevate the fair value to roughly GBP 2.00 per share in 2024, and where the company’s plan for a broader rollout could lift Cindrigo into a multi-billion GBP-company.

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