UK-listed investor Foresight Group has teamed up with geothermal specialist 85 Degrees to develop up to 200 MW of new geothermal capacity in the Netherlands, the companies said Oct. 25. Geothermal heat can save 90% of carbon emissions in domestic and industrial heat use by replacing fossil fuels, the companies said.
“Geothermal heat energy is supported by the Dutch government as a strategic priority, given it will contribute to the country’s national emission reduction objectives by decarbonizing domestic and industrial heat,” they said.
Planned joint venture investments involved the acquisition of operational wells and construction of new wells, they said.
“There is also a significant pipeline of development projects representing a potential build out capacity of circa 200 MW,” they said.
85 Degrees has four existing wells and exploration permits around the city of Zoetermeer in the Western Netherlands near The Hague it aims to redrill to produce 35 MW of thermal power. Additional geothermal permits are in place around Rotterdam, Utrecht, Arnhem, Tilburg and Amersfoort, among other areas. Geothermal wells pump up warm water from depths of at least 500 meters to heat homes and commercial buildings, notably greenhouses in the Netherlands. Projects can be subsidized under the country’s SDE++ auction mechanism, the first of which was held in June.
A second SDE++ auction opened Oct. 5 with support of Eur5 billion available. Bidding continues until Nov. 11. The Dutch government estimates around 5% of all heat produced in the Netherlands could be supplied by geothermal projects by 2030, rising to 25% by 2050. There are 130 operating geothermal wells totaling 5.5 GW of installed capacity in Europe, the number set to double in the next five years, according to 85 Degrees, which believes its Dutch projects can be subsidy-free by 2030