International legal practice Osborne Clarke has advised Foresight Group, the listed infrastructure and private equity investment manager, on a joint venture investment with 85 Degrees Renewable Ltd into geothermal energy in the Netherlands.
The joint venture investment entails both the acquisition of operational wells and construction of new wells. There is also a significant pipeline of development projects representing a potential build out capacity of c. 200MW.
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 decarbonising domestic and industrial heat. Studies of geothermal heat provision have demonstrated that geothermal heat can achieve carbon savings in excess of 90% by displacing the need for fossil fuel usage.
The investment will also make a material social and economic contribution to local areas by supplying price-competitive heat to farmers and residents within the vicinity of assets.
An international team from Osborne Clarke advised Foresight. The team was led by Matthew Lewis (Corporate) and consisted of Chris Yeo (Corporate), Hannah Stevens (Corporate) and Jonny Musty (Tax) (all UK), Marie-Louise Weeda and Deniz Bussing (both Corporate), Casper Bos and Charlie van der Star (both Real Estate & Infrastructure) (all Netherlands), Steven Verschuur and Cedric de Greef (both Regulatory) (all Belgium) and Christoph Torwegge (M&A) and Svenja Kaufeld (Project Management) (both Germany).
Osborne Clarke has an established and well-respected position as one of the leading law firms advising on renewable energy projects and transactions. For over 20 years, it has helped clients to seize new opportunities and meet the challenges of making energy generation clean, affordable and secure. The combination of the international team’s experience and understanding of the energy sector means they are regularly called upon to support businesses on all aspects of their commercial, regulatory, corporate, finance and construction legal needs.