Financing by ING and Rabobank supports the next phase of development and establishes a scalable platform for future growth
London and Amsterdam, 03 August 2026 – 85 Degrees Renewable Ltd (“85 Degrees”), the Anglo-Dutch renewable heat infrastructure platform backed by Foresight Group, today announced successful closing of a framework project finance facility with ING and Rabobank, providing access to financing of up to €200 million to support future growth.
The senior debt facility refinances the platform’s existing bridge facilities and provides funding for the next phase of development of the Central Oostland geothermal heat network in the Netherlands. It also establishes a financing framework designed to support the long-term growth of the 85 Degrees platform, with the flexibility to expand to up to €200 millionover time as the development pipeline progresses.
The transaction marks an important milestone for both 85 Degrees and the Dutch geothermal sector, demonstrating that well-developed geothermal infrastructure is increasingly recognised as a mature asset class capable of attracting long-term project finance.
85 Degrees combines the long-term infrastructure investment expertise of Foresight with the geothermal development, construction and operational capabilities of Gaia Energy, one of the Netherlands’ most experienced geothermal developers and operators. Together, the partners are building a scalable platform of renewable heat assets and associated infrastructure to accelerate the decarbonisation of Dutch greenhouse horticulture.
“This financing represents much more than the successful closing of a debt transaction. It demonstrates the confidence that leading renewable infrastructure lenders ING and Rabobank have in our strategy and confirms that geothermal heat infrastructure has matured into an investable infrastructure asset class capable of attracting long-term project finance. Together with Gaia Energy, we are building a platform that will accelerate the decarbonisation of Dutch greenhouse horticulture while supporting the wider heat transition in the Netherlands.”
Bart Duijndam, Chief Executive Officer, 85 Degrees Renewable
The 85 Degrees platform is centered around the geothermal developments in the Central Oostland region with the initialbuilt-out of its heat network in Bleiswijk and Berkel and Rodenrijs and is designed to expand through additional geothermal projects as demand for sustainable heat continues to grow. By supplying reliable renewable baseload heat, the platform enables greenhouse growers to significantly reduce their dependence on natural gas, strengthen long-term security of supply and improve the sustainability and competitiveness of one of the Netherlands’ most important export sectors.
The platform is built around long-term contracted heat sales, creating stable and predictable revenues while delivering meaningful environmental benefits. Independent assessment by Impact Institute in accordance with ISO 14067 confirms that the operating geothermal assets deliver heat with a carbon intensity of only 24 gCO₂/kWh. Methane naturally produced with the geothermal water is utilised to generate electricity for on-site operations, while the resulting CO₂ is supplied to greenhouse growers for use in crop production.
Beyond decarbonising heat demand, geothermal energy can also contribute to solving one of the Netherlands’ most pressing infrastructure challenges. By delivering renewable heat directly to end users, geothermal reduces the need for additional electricity demand that would otherwise result from large-scale electrification of heating. As a result, geothermal can help alleviate pressure on the electricity grid in regions where network congestion increasingly constrains sustainable economic development.
The successful drilling program completed to date has substantially reduced subsurface risk across the existing assets and provides a strong foundation for further expansion of the development pipeline.
As majority shareholder, Foresight Group also sees this financing as an important step in the continued growth of
"This financing is an important milestone for 85 Degrees, providing a strong foundation for the platform's next phase of growth. Together with our partners, we share a clear ambition to scale 85 Degrees into a leading renewable heat platform, supporting the continued expansion of renewable heat infrastructure across the Netherlands."
Richard Thompson, Partner, Foresight Group
The financing reflects the confidence of both the Company's shareholders and its banking partners in the long-term potential of geothermal heat infrastructure as an essential component of the Dutch energy transition.
"This financing demonstrates how ING is helping to accelerate the energy transition in the Dutch greenhouse horticulture sector. By providing 34 growers with access to geothermal heat, we are helping reduce reliance on natural gas while supporting the long-term sustainability and resilience of their businesses. The financing structure also creates opportunities for future expansion of the heat network and additional geothermal developments. For ING, this transaction is an example of our commitment to supporting the transition to a more sustainable energy system through practical, scalable solutions.”
Gino Schuur, Head of Sustainable Finance Business Banking NL, ING
We are pleased to support 85 Degrees Group with this financing framework. This professional platform enables the Dutch horticultural sector, a very important client base for Rabobank, to save enormously on fossil fuel-based heating and thereby avoid significant amounts of CO2 emissions. We look forward to supporting the continued growth of sustainable heat infrastructure in the Netherlands. As a cooperative bank we use our industry knowledge, networks and financial solutions to help customers transition to a sustainable future and help move ‘the system’ in a more sustainable and just direction.”
Ivan Das, Director Project Finance, Rabobank
About 85 Degrees Renewable
85 Degrees Renewable Ltd is an Anglo-Dutch developer, owner and operator of renewable heat infrastructure. The company develops, finances, owns and operates geothermal heat assets and associated infrastructure supplying reliable, low-carbon heat to the Dutch greenhouse horticulture sector, with opportunities to expand into residential and industrial heat markets over time.
Founded by Bart Duijndam, Greg Thain, Maarten Bruggink and Nick Thain, the management team has been involved in the development, financing and delivery of numerous geothermal assets across the Netherlands.
About Foresight Group
Foresight Group LLP is a leading sustainability-focused real assetsand private equity investment manager with more than €14 billion assets under management. Through its long-term infrastructure investment strategy, Foresight partners with experienced management teams to develop essential infrastructure supporting the transition to a low-carbon economy.
About Gaia Energy
Gaia Energy is one of the Netherlands’ leading geothermal developers, with extensive experience in the development, construction and operation of geothermal energy projects. The company has played a pioneering role in the Dutch geothermal sector for more than a decade and continues to support the delivery of reliable, sustainable geothermal heat. For more information about Gaia Energy go to www.gaiaenergy.nl.
About Rabobank Group
Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers’ interests first in its services. Rabobank is committed to being a leading customer-focused cooperative bank in the Netherlands and a leading food and agri bank worldwide. Rabobank employed 48,000 FTE per 31 December2025. Rabobank Group is active in 34 countries.
For more information about the Rabobank Group go to www.rabobank.com.
ING Profile
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI has been upgraded from 'AA' to 'AAA' in October 2025. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.
Editor’s Notes
• The Central Oostland platform supplies renewable heat to greenhouse horticulture businesses in one of Europe’s largest greenhouse clusters.
• Geothermal heat provides reliable renewable baseload heat while significantly reducing dependence on natural gas.
• By reducing the need for large-scale electrification of heating, geothermal can contribute to alleviating electricity grid congestion.
• The financing supports the continued development of the 85 Degrees platform and creates a framework for future growth as additional projects are developed.
• The financing framework has been structured with the flexibility to expand to up to €200 million over time as the development pipeline progresses.