Abu Dhabi-based Mubadala will buy a stake in Asper Investment Management’s (Asper) investment vehicle, he confirmed on December 15.
The Dorothea investment vehicle (Dorothea) aims to deploy more than 2.1 billion Dhs (500 million euros) to build a network of district heating services across the Netherlands. Dorothea’s newly installed heating capacity is expected to deliver over 2 million gigajoules (GJ) of sustainable heat using clean energy sources, including a combination of geothermal, waste heat and sustainable biomass.
This complements the Netherlands’ efforts to increase the penetration of renewable energy sources from the current 7% to 100% by 2050. Over the next 30 years, 7 million homes in the country will switch to heating solutions. without CO2 to achieve these goals.
Khaled Abdulla Al Qubaisi, CEO of Mubadala Aerospace, Renewables and ICT said: “This investment is very attractive to us, as heating networks not only support the development of sustainable energy infrastructure, but are also stable assets that provide energy. predictable cash flow and constant returns. . Mubadala and Asper have been successful in investing in public energy services and as Europe moves towards a zero carbon future we are excited about the role Dorothea will play in this area.
“Investments in heating networks are one of Asper’s key areas of expertise,” adds Luigi Pettinicchio, CEO of Asper. “This kind of infrastructure will be essential to achieving Europe’s decarbonisation goals and Dorothea will play an important role in this regard.”
Mubadala’s utility portfolio currently includes investments in global players in the related sector, including electricity, water and district heating. Mubadala recently invested $ 150 million in U.S. company Enviva, which helps utilities around the world replace coal and other fossil fuels as part of the energy transition to a low-carbon future.
Asper is the independent investment management company in Europe specializing in sustainable real estate assets with investment vehicles dedicated to the energy transition. Other investors in Dorothea include APG and the European Investment Bank.