Cindrigo Bolsters Renewable Energy Portfolio

Cindrigo Holdings Ltd has reached an agreement to acquire Kaipolan Energia OY for EUR19.0 million, strengthening its foothold in the renewable energy sector. The acquisition involves a mix of payment methods, including Cindrigo shares, cash, and potential earnouts tied to performance targets. Danir AB, Cindrigo's major shareholder, facilitated the deal by providing a EUR1.5 million loan and will secure a 10% stake in Kaipolan Energy. The transaction is geared towards readying the plant for commercial operations by Q4 2024, necessitating an additional EUR5 million for upgrades and deferred payments.