UAE - Mubasher: Abu Dhabi-based Mubadala Investment Company will acquire a significant stake in Asper Investment Management's (Asper) Dorothea investment vehicle (Dorothea) worth AED 2.1 billion (EUR 500 million).
Dorothea seeks to dedicate over AED 2.1 billion (EUR 500 million) to establish a network of district heating services across the Netherlands, according to a press release on Tuesday.
Specialised in sustainable real assets, Asper is Europe’s leading independent investment management firm with investment vehicles working on energy transition and a record in district heating since 2014.
The other investors in Dorothea include APG and the European Investment Bank.
Dorothea’s heating capacity is expected to deliver more than 2 million GJ of sustainable heat by utilising clean-energy sources, including a combination of geothermal, residual heat, and sustainable, locally-sourced biomass.
This investment vehicle's target is in line with the Netherlands’ objective to raise renewable energy source penetration from 7% to 100% by 2050.
Meanwhile, Mubadala’s investment in Dorothea comes as part of its efforts to promote the development, commercialisation, and deployment of renewable energy solutions and clean technologies.
The CEO of Mubadala Aerospace, Renewables, and ICT, Khaled Abdulla Al Qubaisi, said: "This investment is highly attractive for us, as heating networks not only support the development of sustainable energy infrastructure but are also stable assets which provide predictable cash flows and steady returns."
The CEO of Asper, Luigi Pettinicchio, commented: "This type of infrastructure will be key to deliver Europe’s decarbonization goals and Dorothea will play an important role in this."
It is noteworthy to mention that in July 2020, Mubadala invested more than $150 million in recapitalising the US-based Enviva, the world's largest producer of industrial wood pellets used in generating electricity.
