Mubadala's latest funding is in Europe, through an exposure in a district heating venture in the Netherlands. Image Credit: Mubadala

Dubai: Abu Dhabi's Mubadala will be picking up a stake in Asper Investment Management’s 'Dorothea' investment vehicle, which is building a network of district heating services in the Netherlands. Dorothea will deploy more than 500 million euros in this venture.

Asper is a leading European investment management firm specialized in sustainable real assets, with a track record in district heating since 2014. Other investors in Dorothea include APG and the European Investment Bank. (Mubadala has not disclosed its exact exposure in Dorothea.)

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Clear targets

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 locally-sourced biomass. This builds on the Netherlands’ efforts to increase renewable energy sources penetration from 7 per cent today to 100 per cent by 2050.

Over the next 30 years, 7 million households in the country will switch to CO2 free heating solutions to meet these objectives.