Mubadala, EIB, and APG Invest in Netherlands District Heating Platform

Posted on 12/15/2020

Mubadala Investment Company disclosed it plans to acquire a significant stake into London-based Asper Investment Management Limited’s Dorothea investment vehicle. Asper Investment Management is an investment management company specialized in real assets. Other investors in the equity investment vehicle Dorothea include APG Asset Management and the European Investment Bank (EIB).

Dorothea plans to deploy more than AED 2.1 billion (US$ 571.77 million) into building a network of district heating services across the Netherlands. The investment vehicle will acquire and build at least four district heating projects in the Netherlands. Dorothea will support new and existing district heating projects in various municipalities, starting with the heating network of Ede. The operation seeks to contribute to the reduction of air pollution levels and the improvement of public health. The investment vehicle is structured as a fund it will invest in a non-blindpool of exclusive projects focused on Dutch heat networks.

Mubadala’s utilities portfolio, includes Tabreed, a district cooling company based in Abu Dhabi.

Asper Investment Management was founded by Luigi Pettinicchio, Emma Tinker, and Luis Quiroga in 2016. The trio of them worked at HgCapital since 2008. Asper Investment Management manages investments and commitments in excess of €1.3 billion and since 2019 it has launched two new co-investment partnerships dedicated to energy transition investments in Ireland and the Netherlands.

On August 5, 2020, the EIB signed a €30 million agreement with Asper Investment Management for its Dorothea investment vehicle. This agreement will enable the EIB to consider additional investments into new district heating projects in the Netherlands up to €70 million. The EU bank’s investment is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe under which the EIB and the European Commission are working together as strategic partners, with the EIB’s financing operations boosting the competitiveness of the European economy.

Keywords: Stichting Pensioenfonds ABP.

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