Emirates Investment Corporation...

Mubadala to invest in Asper’s $2.1b Investment vehicle

Dorothea is targeting to deploy more than Dh2.1 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 that plans to build a network of district heating services across the Netherlands.

Dorothea is targeting to deploy more than Dh2.1 billion in the project, 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 and a track record in district heating since 2014. Other investors in Dorothea include APG and the European Investment Bank.

Khaled Abdulla Al Qubaisi, CEO of Mubadala Aerospace, Renewables and ICT, said Mubadala and Asper have a successful record of investing in public energy services. “As Europe transitions to a zero-carbon future, we are excited about the role that Dorothea will play in this. 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 fund, which manages over $230 billion in assets worldwide, has been on an investing drive in 2020, diversifying its assets portfolio and expanding its frontiers as part of a broader plan by most Gulf SWFs to plow wealth into technology and help transform their economies

Luigi Pettinicchio, CEO of Asper, said 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 and Dorothea will play an important role in this. 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, commercialisation and deployment of renewable energy solutions and clean technologies with knowledge transfer to benefit assets in the UAE. Mubadala’s utilities portfolio currently comprises investments in global players in the utilities infrastructure sector, which includes power, water and district heating.

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

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.

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

Recently, the state fund unveiled plans to identify potential partners in Israel and find high-growth technology firms in which to co-invest following the normalisation of relations between the two countries in the wake of the historic Abraham Peace Accord.

Source : khaleejtimes.com

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