The investment, which fully funds the construction of 61.8MW of geothermal heat capacity in Zoetermeer, Netherlands, has been made by FEIP, an €850m fund which invests clean energy assets across renewables, storage and grid infrastructure.
FEIP aims to build a diversified portfolio of high-quality energy infrastructure assets supercharging the energy transition by investing both in renewable energy generation and in key “bottleneck” assets including long duration energy storage and grid infrastructure, enabling the integration of further renewables on the grid.
"We are pleased to partner with Foresight and FEIP for this substantial investment. Securing the funding for the construction of 61MW of Geothermal Heat Capacity underscores the potential of our company and reflects our shared commitment towards achieving the renewable energy goals of the Netherlands," said Nick Thain, Chief Investment Officer of 85 Degrees Renewables.
Geothermal energy plays a vital role in achieving a sustainable and low-carbon future. It is a clean, safe, and reliable energy source that provides consistent power and heat without greenhouse gas emissions. FEIP’s investment into 85 Degrees Renewables represents one of the largest recent Geothermal investments in Europe and further strengthens the Netherlands' position as a leader in the sector. With ambitious goals to expand its Geothermal Energy capacity, 85 Degrees Renewables aims to build out 1GW of Geothermal Energy.
"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," stated Bart Duijndam, Chief Executive Officer of 85 Degrees Renewables.
The investment by FEIP will enable 85 Degrees Renewables to scale its operations and accelerate the deployment of Geothermal Energy infrastructure in the Netherlands. The company's expertise, coupled with FEIP’s substantial financial backing, will enable the build-out of the company’s substantial pipeline which benefits from the Dutch SDE++ subsidy, and create a lasting impact on the renewable energy landscape.
