#None #PSP Investments #Sandbrook Capital #Havfram

Sandbrook Capital and PSP Investments Finalize Havfram Sale to DEME

In a notable move for the renewable energy sector, Sandbrook Capital and PSP Investments have revealed their agreement to sell Havfram, an innovative offshore wind energy company, to DEME, a globally recognized leader in offshore wind and marine engineering. This transaction marks a significant shift in the operational landscape of offshore wind energy, promising robust growth and advancements in infrastructure.

Established in 2021 through a strategic partnership between Sandbrook Capital and PSP Investments, Havfram was modeled to provide essential installation capabilities for offshore wind farms. Under their stewardship, the company has emerged as a premier operator of wind installation vessels, currently constructing two state-of-the-art ships while boasting a substantial order backlog for the development of some of the world's largest offshore wind projects.

Christopher Hunt, a partner at Sandbrook Capital, emphasized the unique business opportunity presented by Havfram. “Collaborating with PSP Investments allowed us to develop cutting-edge vessels vital for the construction of massive offshore wind farms,” he remarked. In just a few years, Havfram has transformed into a top player in the offshore wind industry, and the solid financial returns generated serve as a testament to this success. Following the acquisition, DEME is expected to provide exceptional management as Havfram embarks on its next stage of growth.

“With this investment in Havfram, we showcase our substantial expertise and dedication to investing in essential assets within the renewable energy value chain while ensuring solid risk-adjusted returns,” stated Sandiren Curthan, PSP's Executive Vice President and Global Head of Infrastructure Investments. The cooperative effort among Sandbrook Capital, PSP Investments, and Havfram has been crucial in establishing a fleet geared towards the next generation of installation vessels for wind energy.

Havfram’s CEO Ingrid Due-Gundersen expressed excitement over the union with DEME, a company sharing their vision of accelerating offshore wind deployment. “Together, we will play a significant role in the global energy transition,” she stated, underlining the importance of the deal.

The value of this transaction is estimated at approximately €900 million, with its completion expected by the end of April 2025, pending standard closing conditions. Financial advisory for this deal was provided by Goldman Sachs, while legal counsel was rendered by Thommessen for both Sandbrook Capital and PSP Investments.

About Sandbrook Capital

Sandbrook Capital is a private investment firm dedicated to creating the next generation of climate infrastructure companies. Founded by experienced investors and operators, Sandbrook collaborates closely with exceptional management teams to support the sustainable growth of businesses that deliver attractive financial returns and significant climate benefits. For more information, visit www.sandbrook.com.

About PSP Investments

The Public Sector Pension Investment Board (PSP Investments) ranks among Canada’s largest pension investment managers, overseeing a net asset value of CAD $264.9 billion as of March 31, 2024. PSP manages a diversified global portfolio consisting of capital market investments, private equity, real estate, infrastructure, natural resources, and credit securities. Established in 1999, PSP invests amounts allocated by the federal government for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Force. For more details, follow them on LinkedIn.

About Havfram

Havfram is a Norwegian offshore wind installation company providing critical services to the global renewable energy sector. With two advanced installation vessels currently under construction and an extensive order book, Havfram is poised to lead the deployment of offshore wind farms for the next generation. For more information, visit www.havfram.com.