Mubadala to invest in Asper’s Dh2.1b investment vehicle – News

Dorothea aims to deploy more than Dh 2.1 billion in the project.

Abu Dhabi’s sovereign investment firm Mubadala said on Tuesday it would take a significant stake in Asper Investment Management’s Dorothea investment vehicle, which plans to build a network of district heating services across the Netherlands.

Dorothea aims to deploy more than 2.1 billion dirhams in the project, Mubadala said in a statement.

Asper is the first independent investment management company in Europe specializing in sustainable real estate assets with investment vehicles dedicated to the energy transition and experience in district heating since 2014. Dorothea’s other investors include APG and the Bank European investment.

Khaled Abdulla Al Qubaisi, CEO of Mubadala Aerospace, Renewables and ICT, said that Mubadala and Asper have successfully invested in public energy services. “As Europe moves towards a carbon-free future, we are excited about the role Dorothea will play in this area. This investment is very attractive to us, as district heating networks not only support the development of sustainable energy infrastructure, but are also stable assets that provide predictable cash flow and stable returns.

The fund, which manages more than $ 230 billion in assets globally, launched an investment campaign in 2020, diversifying its asset portfolio and expanding its borders as part of a broader plan of most Gulf sovereign wealth funds aimed at investing wealth in technology and helping transform their economies.

Luigi Pettinicchio, CEO of Asper, said investing in district heating networks is one of Asper’s key areas of expertise. “This type of infrastructure will be essential to achieving Europe’s decarbonisation goals and Dorothea will play an important role in this regard. We are delighted to have received Mubadala’s support and look forward to a successful partnership.

In a statement, the state fund said Dorothea builds on Mubadala’s continued efforts to advance the development, commercialization and deployment of renewable energy and clean technology solutions with knowledge transfer to benefit of assets in the United Arab Emirates. Mubadala’s utility portfolio currently includes investments in global players in the utility infrastructure sector, which include electricity, water and district heating.

Mubadala also recently invested $ 150 million in U.S.-based Enviva, which helps major utilities around the world cost-effectively replace coal and other fossil fuels as part of the energy transition to a low-carbon future. as part of the company’s focus on sustainable development and impactful investments.

Mubadala’s utility portfolio includes Taweelah, the world’s largest reverse osmosis desalination plant, and Tabreed, a leading Abu Dhabi-based district cooling company.

In March 2020, Mubadala joined a consortium to invest a total of $ 2.25 billion in Alphabet-owned autonomous driving technology company, Waymo. In June 2020, the fund announced a $ 1.2 billion investment in Reliance Jio Platforms for a 1.85% stake. In November, the company announced the acquisition of a controlling stake in UK life science firm Envision in conjunction with other investors.

Recently, the state fund unveiled plans to identify potential partners in Israel and find high-growth tech companies to co-invest in following the normalization of relations between the two countries following the peace agreement. Abraham’s history. – [email protected]

Issac Jean

Editorial Director of Khaleej Times, is a well-connected Indian journalist and economic and financial commentator. He has worked in mainstream journalism in the United Arab Emirates for 35 years, including 23 years with the Khaleej Times. A graduate in English and a graduate in economics, he has won more than twenty awards. Acclaimed for his genuine and insightful analysis of global and regional business and economic trends, he is respected for his astute understanding of the local business scene.

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