Cindrigo Holdings, a developer of clean baseload energy projects, began trading on the London Stock Exchange’s Main Market on Friday morning, marking a key milestone in its push to become a major player in Europe’s transition to sustainable energy.
The company’s shares were admitted to trading under the ticker CINH at 8am, following a £2.06mn fundraising through a placing and subscription at 12 pence per share. The fundraising, managed by Capital Plus Partners, was accompanied by the conversion of £9.3mn in convertible loan notes, resulting in a total of 333.9mn ordinary shares in issue and implying a market capitalisation of £40.07mn at the placing price.
Cindrigo said it expects to receive the London Stock Exchange’s Green Economy Mark, awarded to companies that derive at least half of their revenues from environmental solutions.
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Cindrigo, led by chief executive Lars Guldstrand, is targeting long-term growth in baseload renewable energy — power that can run continuously, in contrast to intermittent wind and solar generation. Its focus lies initially in waste-to-energy (WtE) and geothermal projects across Europe.
Finland’s Kaipola heat and power plant
At the centre of its portfolio is the Kaipola Plant in Finland, a 110 MW combined heat and power WtE facility secured under a 50-year lease. The site, which previously housed a paper mill, is slated to restart operations in late 2025, with production expected to scale up gradually in 2026.
Cindrigo said the plant would become a “significant revenue-generating asset”, producing both electricity and district heating, while supporting the company’s expansion into geothermal development.
The group has also taken 85 per cent ownership in three German geothermal projects in the Upper Rhine region, an area viewed as one of Europe’s most promising for deep geothermal energy. Together, the projects have a target capacity of over 300 MW of combined heat and power, with additional potential for lithium extraction, which could provide an ancillary revenue stream as demand for battery materials rises.
Under Germany’s Renewable Energy Sources Act (EEG), geothermal electricity is eligible for a feed-in tariff of €0.252 per kilowatt hour for 20 years, while long-term heat supply contracts typically yield between €45 and €60 per megawatt hour. Federal and regional governments also provide substantial funding support, including capital expenditure recovery of up to 40 per cent through the “BEW” subsidy scheme.
Guldstrand said Cindrigo’s market debut “marks a significant milestone” for the company.
“Our waste-to-energy plant in Finland is expected to become a core revenue generator, providing the foundation to advance our geothermal portfolio in Germany, one of the most attractive and supportive markets for green baseload power and heat,” he said.
He added that policy support and the need for reliable, low-carbon energy sources made geothermal power an increasingly compelling investment. “We are focused on progressing our projects in a responsible and disciplined manner, and we look forward to updating shareholders as we continue to deliver on our plans.”
Cindrigo estimates that the Kaipola Plant and associated assets have a depreciated replacement value of €80mn to €120mn, positioning it as a cornerstone of the company’s future cash flow.
The Armchair Trader view
With Europe intensifying efforts to decarbonise its energy systems, the company’s blend of waste-to-energy and geothermal projects aligns with EU and national policies promoting low-emission baseload generation. Cindrigo’s listing provides a new opportunity for investors to gain exposure to a nascent but strategically important segment of the green energy market.
