A joint venture with 85 Degrees Renewables has been formed, with the potential to construct 200MW of projects.
The infrastructure fund of Foresight Group Holdings has undertaken a joint venture investment in up to 200MW of geothermal energy in the Netherlands with 85 Degrees Renewable.
The joint venture investment includes the purchase of existing wells as well as the building of new wells, as well as a substantial pipeline of development projects.
85 Degrees, founded by Bart Duijndam, Greg Thain, and Maarten Bruggink, specializes in geothermal development as well as the larger drilling and pipeline industry.
The investment is Foresight Energy Infrastructure Partners’ sixth, and it adds a third technology to the company’s portfolio, diversifying its current wind and waste-to-energy holdings.
“This is a really exciting development for FEIP,” said Richard Thompson, co-manager of Foresight Energy Infrastructure Partners.
“Our cooperation with 85 Degrees opens the stage for future growth in a sector that we believe has significant investment potential.”
“We are really excited to collaborate with 85 Degrees on the development of a premier geothermal platform in the Netherlands that will directly contribute to the country’s emission reduction goals.”
“Having Foresight participating complements our local expertise of geothermal markets in northern Europe perfectly,” Thain added.
“We’re ecstatic to be able to provide much-needed CO2 reductions in the shortest amount of time.”
“We believe that our efforts will contribute significantly to achieving simplified, fast-track CO2 reductions.”