#Offshore Wind #Norway #Oslo #Havfram #DEME

Sandbrook Capital and PSP Investments Announce Major Sale of Havfram

In an important development in the renewable energy sector, Sandbrook Capital, a private investment firm focusing on leading climate infrastructure ventures, together with the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investors, has officially declared the sale of Havfram, a prominent player in offshore wind infrastructure, to DEME, a global leader in offshore energy and marine engineering.

Background of Havfram

Founded in 2021, Havfram emerged from a strategic alliance between Sandbrook Capital and PSP Investments. The primary goal was to present energy giants with vital offshore wind installation capacities. Under the joint leadership of Sandbrook and PSP, Havfram has evolved into a world-class operator of Wind Turbine Installation Vessels (WTIVs). The company boasts a modern fleet, including two state-of-the-art ships currently in production and a substantial backlog of orders for some of the world's largest offshore wind farms.

Christopher Hunt, Partner at Sandbrook Capital, expressed pride in the venture, stating, "We embarked on this journey with PSP Investments because we identified a unique market opportunity to provide the next generation of vessels necessary for today’s massive offshore wind farms. In just a few years, Havfram has emerged as a key player in the offshore wind industry. We are incredibly proud of the achievements made by our team and the positive financial returns generated for our investors. DEME will be an excellent steward in the next growth phase of the company."

PSP Investments' Vision

The investment made by PSP Investments reflects a broader commitment to supporting critical infrastructure that underpins the renewable energy landscape while aiming for high risk-adjusted returns. Sandiren Curthan, the Global Head of Infrastructure Investments at PSP Investments, noted, "Our investment in Havfram showcases our diverse capabilities and dedication to funding facilities crucial for the renewable energy value chain while securing substantial returns. We take pride in collaborating with Sandbrook Capital and the Havfram team to construct a next-generation fleet of WTIVs."

Moreover, Ingrid Due-Gundersen, CEO of Havfram, highlighted the significance of this transition, saying, "The support and long-term vision from Sandbrook Capital and PSP Investments have been integral to our growth story. We are thrilled to partner with DEME, a globally recognized company with a shared mission to accelerate offshore wind energy expansion. Together, we will play a vital role in fostering the energy transition worldwide."

The Transaction

The transaction is valued at approximately 900 million euros and is expected to close by the end of April 2025, contingent on standard closing conditions. Goldman Sachs acted as the financial advisor, while Thommessen served as legal counsel for both Sandbrook Capital and PSP Investments.

About the Companies

Founded to spearhead the next generation of climate infrastructure companies, Sandbrook Capital seeks to partner with exceptional management teams and build sustainable businesses capable of delivering attractive financial returns alongside climate benefits. For further details, visit www.sandbrook.com.

PSP Investments, established in 1999, is one of Canada’s largest pension investors, overseeing a net portfolio of 264.9 billion CAD as of March 31, 2024. Its diversified global investments encompass capital markets, private equity, real estate, infrastructure, natural resources, and debt investments. For further insights, visit investpsp.com.

Havfram, a key player in offshore wind turbine installation from Norway, provides essential services for renewable energy projects worldwide. With two WTIVs under construction and a robust project pipeline, Havfram is poised as a frontrunner in building the next generation of offshore wind farms. More information is available at www.havfram.com.

Conclusion

This strategic sale marks a significant milestone for Havfram, as it transitions to a new chapter under DEME's experienced leadership, positioning itself firmly within the renewable energy sector's future. As global demand for offshore wind continues to accelerate, the combination of these industry leaders is set to make impactful strides towards achieving sustainable energy goals.