Foresight Group’s energy transition fund is helping to fund the construction of a 61.8MW geothermal heat facility in the Netherlands through a further equity investment in Anglo-Dutch company 85 Degrees Renewables.
Foresight Energy Infrastructure Partners (FEIP) has made a “significant equity” investment to help fund the construction of the facility in Zoetermeer and enable 85 Degrees to scale its operations and accelerate the deployment of geothermal energy infrastructure in the Netherlands.
The latest investment follows FEIP’s deal in October 2021 when the €850m fund entered into a joint venture with the geothermal specialist to acquire operational wells and construction projects. 85 Degrees provides direct heating energy to agricultural, residential, and industrial customers.
Charlie Wright, investment director at Foresight, said: “This investment represents a significant milestone in the renewable energy sector and demonstrates our confidence in the company’s capabilities, and the attractiveness of the Dutch market for geothermal energy, which is backed by a highly supportive regulatory framework and ambitious government targets to decarbonise heat consumption.”
Nick Thain, CIO of 85 Degrees Renewables, said: “We are pleased to partner with Foresight and FEIP for this substantial investment. Securing the funding for the construction of 62MW of geothermal heat capacity underscores the potential of our company and reflects our shared commitment towards achieving the renewable energy goals of the Netherlands.”
Bart Duijndam, CEO of 85 Degrees Renewables, said: “This investment represents a significant milestone in the Netherlands’ objective to decarbonise heat supply via the adoption of geothermal energy and contribute to a sustainable future for our country. By leveraging geothermal energy as a clean, safe and reliable energy source, we aim to make a meaningful contribution to a sustainable and carbon-neutral future.
“Moreover, as geothermal energy replaces gas for heating in the Netherlands, it simultaneously frees up electricity capacity from the national grid, aligning with our commitment to energy transition.”
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