Abu Dhabi state investor Mubadala will be taking a significant stake into Asper Investment Management’s (Asper) Dorothea investment vehicle (Dorothea).

Dorothea will deploy more than AED 2.1 billion ($572 million) into building a network of district heating services across the Netherlands, Mubadala said in a statement.

Asper is Europe’s leading independent investment management firm specialized in sustainable real assets with investment vehicles dedicated to energy transition. Other investors in Dorothea include Dutch pensions manager APG and the European Investment Bank.

Khaled Abdulla Al Qubaisi, CEO of Mubadala Aerospace, Renewables and ICT 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."

According to the statement, Dorothea’s newly installed heating capacity is expected to deliver over 2 million GJ of sustainable heat by using clean-energy sources including a combination of geothermal, residual heat and sustainable, locally-sourced biomass. This builds on the Netherlands’ efforts to increase Renewable Energy Sources penetration from 7 percent today to 100 percent by 2050. Over the next 30 years, 7 million households in the country will switch to CO2 free heating solutions to meet these objectives.

Mubadala also recently invested $150 million in US-based Enviva, which helps major utilities around the world to cost-effectively displace coal and other fossil fuels as part of the energy transition to a low-carbon future.

Mubadala’s utilities portfolio includes Taweelah, the world’s largest Reverse Osmosis desalination plant and Tabreed, a leading district cooling company based in Abu Dhabi.

(Writing by Seban Scaria ; editing by Daniel Luiz)

seban.scaria@refinitiv.com

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