Gaia Energy, formerly known as Tullip Energy Exploration & Development, has announced its acquisition of Aardyn, a move aimed at expediting its goal of harnessing 500 MW of geothermal potential across a portfolio of over 25 projects.
The equity investment is intended to facilitate the expansion and construction of new geothermal resources, strategically situated alongside existing geothermal endeavors within the combined portfolios of Aardyn and Gaia Energy.
Gaia Energy has established partnerships with IPS Geothermal Energy Group and 85 Degrees Renewable Group, resulting in collaborative development initiatives for numerous geothermal projects. This consortium collectively holds a substantial number of geothermal licenses and assets throughout the Netherlands.
Aardyn operates as a comprehensive developer and operator, primarily focusing on horticulture and urban areas. In recent years, the company has curated a diverse portfolio encompassing projects in various stages of development, construction, and active operation. Aardyn will maintain its independence for projects where it holds exploration licenses.
With this acquisition, Gaia Energy and Aardyn boast an extensive portfolio of geothermal projects spanning the Netherlands. Their shared commitment remains centered on advancing and realizing more than 25 active projects, all possessing exploration licenses. The overarching objective is to contribute to the Netherlands’ heat transition by unlocking 500 MW of geothermal energy within the next eight years.
Nico Kuipers, co-shareholder of Gaia Energy, expressed his excitement, stating, “This acquisition represents a significant stride toward fulfilling our vision of sustainable geothermal energy in the Netherlands. With a growing project portfolio and a dedicated team, we are poised to further advance the Dutch geothermal market.”
Jos Huizing, co-shareholder of Gaia Energy, added, “We take pride in the journey that has brought us to this juncture. With Gaia Energy, we envision an exciting future for our projects, our team, and renewable energy in the Netherlands.”
Bas van Dun, Managing Director of Aardyn, shared his perspective, stating, “This acquisition enables us to continue our operations as Aardyn. The expanded project portfolio, combined knowledge, and expertise will enhance our ability to contribute even more effectively to the heat transition in the Netherlands through our diverse geothermal projects.”