Mubadala to invest in Asper’s Dorothea investment vehicle, 2.1 billion dirhams

Mubadala, the Abu Dhabi-based sovereign investment firm, announced today that it will take a significant stake in Asper Investment Management (Asper) investment vehicle Dorothea (Dorothea).

Dorothea aims to deploy more than AED 2.1 billion (€ 500 million) in building a district heating service network across the Netherlands. 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.

Dorothea’s newly installed heating capacity is expected to provide more than 2 million GJ of sustainable heat using clean energy sources, including a combination of geothermal heat, waste heat and locally sourced sustainable biomass. This builds on the Netherlands’ efforts to increase the penetration of renewable energy sources from 7% today to 100% by 2050. Over the next 30 years, 7 million households in the country will switch to to CO2-free heating solutions 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 a successful track record 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. “

Luigi Pettinicchio, CEO of Asper, said: “Investments in heating networks are one of Asper’s key areas of expertise. This type of infrastructure will be essential to achieve 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.

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 the benefit of UAE assets. Mubadala’s utility portfolio currently includes investments in global players in the utility infrastructure sector, which include electricity, water and district heating.

As part of the company’s focus on sustainable and impactful investments, Mubadala also recently invested $ 150 million in US-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.

Mubadala’s utility portfolio, which includes Taweelah, the world’s largest reverse osmosis desalination plant, and Tabreed, a leading Abu Dhabi-based district cooling company, serves as a gateway to the global energy transition into a brighter future. clean and more durable.

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