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Renewable energy company Cindrigo Holdings Ltd on Friday returned to the London Main Market with a market capitalisation of £40.1 million. Shares in the Guernsney, Channel Island-based firm were cancelled from trading back in May 2024, due to a delayed reverse takeover process. The arrangement goes back as far as 2020, when Cindrigo, under its former name Challenger Acquisitions Ltd, signed a letter of intent to acquire Cindrigo Ltd and Cindrigo Energy Ltd. The reorganised firm has rejoined the market following a £2.1 million fundraise. This included a placing by Capital Plus One Partners Ltd and a company subscription for a combined 17.2 million shares priced at 12 pence. Cindrigo issued an additional 53.7 million shares through the conversion of £9.3 million in loan notes at an average blended price of 17p. Cindrigo shares traded at 12.88p on Friday afternoon in London, up 7.3% from the placing price. Cindrigo plans to focus on European clean energy projects. It is the operator of the Kaipola plant in Finland, a 110-megawatt heat and power waste-to-energy site, for which the firm holds a 50-year lease. Kaipola is expected to restart production in the fourth quarter and gradually ramp up in 2026, ultimately becoming ‘ a significant revenue-generating asset,’ Cindrigo said. The firm also has 85% interest in three geothermal projects with a combined 300-megawatt capacity target and lithium production potential. They are located in Germany, which Chief Executive Lars Guldstrand called ‘one of the most attractive and supportive markets for green baseload power and heat.’ Cindrigo noted the possibility of up to 40% capital expenditure recovery through German government support, if the projects satisfy certain criteria. Guldstrand added: ‘Admission to the Main Market of the London Stock Exchange marks a significant milestone for Cindrigo as we progress our strategy to deliver long-life, sustainable baseload energy assets across Europe. ‘With strong policy backing, long-term pricing structures and the growing need for reliable, clean energy, we believe the opportunity in geothermal is considerable.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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