Mubadala to acquire significant share in Asper’s investment vehicle

By Rahul Vaimal, Associate Editor
Mubadala
Representational Image

Abu Dhabi’s sovereign wealth fund Mubadala is acquiring a significant share in an investment vehicle of Asper Investment Management, a Europe-based investor in sustainable infrastructure assets.

Asper’s Dorothea platform is planning to deploy over $571 million into building a network of district heating services across the Netherlands, as per Mubadala’s statement.

Khaled Abdulla Al Qubaisi
Khaled Abdulla Al Qubaisi
CEO
Mubadala Aerospace, Renewables & ICT

“This investment is highly attractive for us, as heating networks not only support the development of sustainable energy infrastructure but are also stable assets that provide predictable cash flows and steady returns. Mubadala and Asper have a successful record of investing in public energy services and as Europe transitions to a zero-carbon future, we are excited about the role that Dorothea will play in this.”

District heating networks are very common in most European cities. These are typically networks of hot water pipes running underneath buildings, many of which are now being powered by renewable energy or are shifting into sustainable sources in an effort to cut emissions.

The newly installed heating capacity of Dorothea is projected to deliver over 2 million gigajoules of sustainable heat by using clean-energy sources. This supports the Netherlands’ effort to increase its renewable energy source usage from 7 percent to 100 percent by 2050. In the coming 30 years, about 7 million households in the country are expected to switch to CO2-free heating solutions to meet these objectives.

Commenting on the investment Luigi Pettinicchio, CEO of Asper, stated that, “heating network investments are one of Asper’s key areas of expertise. This type of infrastructure will be key to deliver Europe’s decarbonization goals. We are delighted to have received Mubadala’s support and look forward to a successful partnership.”

By investing in Dorothea, Mubadala will be benefited in commercializing, developing and deploying renewable energy solutions and clean technologies in the UAE. Mubadala’s utility portfolio currently comprises investments in global players in the utility infrastructure sector, which includes power, water and district heating.

Mubadala’s utility portfolio includes Taweelah, the world’s largest Reverse Osmosis desalination plant and Tabreed, a leading district cooling company based in Abu Dhabi, which acts as a bridge to the global energy transition towards a cleaner, more sustainable future. Recently it had invested $150 million in USA-based Enviva, which helps major utilities across the globe to cost-effectively displace coal and other fossil fuels.

Asper

Asper is Europe’s leading independent investment management firm focused on sustainable real assets with investment vehicles dedicated to energy transition and a track record in district heating since 2014. Other investors in Dorothea include APG and the European Investment Bank.

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