Foresight Group Holdings’s infrastructure fund has made a joint venture investment with 85 Degrees Renewable in up to 200MW of geothermal energy in the Netherlands.
The joint venture investment entails both the acquisition of operational wells and construction of new wells, as well as a significant pipeline of development projects.
Founded by Bart Duijndam, Greg Thain and Maarten Bruggink, 85 Degrees has expertise in geothermal development and the wider drilling and pipeline sector.
The investment is Foresight Energy Infrastructure Partners’ fifth investment and brings a third technology to its portfolio, providing diversification to its existing wind and energy-from-waste assets.
Foresight Energy Infrastructure Partners co-manager Richard Thompson said: “This is a very exciting development for FEIP.
“The partnership with 85 Degrees paves the way for future expansion across a sector which we see as having considerable investment potential.
“We very much look forward to working with 85 Degrees to build a leading geothermal platform in the Netherlands directly contributing to the country’s emission reduction objectives.”
Thain said: “Having Foresight involved perfectly complements our local knowledge of geothermal markets in northern Europe.
“We are excited to be in a position to deliver urgently needed CO2 reductions in the shortest possible time.
“We feel that our efforts can make a significant contribution to delivering streamlined, fast-track, CO2 reductions.”