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Foresight fund signs 200MW Dutch geothermal heat JV
Foresight Energy Infrastructure Partners (FEIP) has created a new JV with Dutch geothermal group 85 Degrees Renewable which will target 200MW of development in the Netherlands.
The EUR 850m Foresight fund and its new partner will seek to both acquire operational geothermal drilling sites as well as develop new ones across the country, citing a “significant pipeline of development projects”.
Offtake for the heat produced by the sites will likely be derived from across the agricultural, residential, and industrial sectors in the Netherlands.
Capital from FEIP’s investment will be used to acquire operational wells in the Randstad with a geothermal heat capacity of circa 15MW and for the construction of new wells adjacent to these existing wells with an additional capacity of circa 30MW, 85 Degrees Renewable said in a statement this morning (October 25).
The JV partners will look to add a further 150MW to the platform via the development and acquisition of additional projects across the Netherlands over the next three years, it added.
FEIP, which reached a final close in September at well above its initial EUR 500m target, has now made five investments, with geothermal representing the third different technology brought into its portfolio.
In May 2021, the platform was among the Foresight-managed funds that acquired an operational 16.8MW energy-from-waste plant in Italy from Marcegaglia Investments.
Later that same month, FEIP then concluded the purchase of the 88MW Puskakorpi onshore wind scheme in Finland from developers Smart Windpower, Mincovest and GE Renewable EnergySmart Windpower, Mincovest and GE Renewable Energy.