Strategic Sale of Havfram to DEME Announced
In an exciting development in the offshore wind sector, Sandbrook Capital and the Public Sector Pension Investment Board (PSP Investments) have reached an agreement to sell their offshore wind infrastructure company, Havfram, to DEME, a prominent player in offshore energy and marine engineering. This strategic move is poised to enhance Havfram's capabilities and expand its operational reach in renewable energy.
The Evolution of Havfram
Founded in 2021, Havfram emerged from a partnership aimed at establishing a significant player in the offshore wind industry. Both Sandbrook Capital and PSP Investments saw the immense potential of offshore wind energy, particularly as global energy demands shift towards sustainable sources. Havfram has since transformed into a leader in offshore wind turbine installation.
Innovations in Offshore Wind Installation
Under the ownership of Sandbrook and PSP Investments, Havfram has made significant strides, becoming a world-class operator of Wind Turbine Installation Vessels (WTIVs). The company proudly has two cutting-edge vessels currently under construction, designed to facilitate the development of major offshore wind farms. This impressive fleet is set to play a vital role in the world’s energy transition.
Expert Insights on the Sale
Christopher Hunt, a partner at Sandbrook Capital, expressed optimism about the sale: "We partnered with PSP Investments to build Havfram because we saw a unique market opportunity. In just a few short years, Havfram has established itself as a key player in offshore wind. We are pleased with its performance and confident that DEME will guide it into its next growth phase successfully.”
Commitment to Renewable Energy
The sale reflects a broader commitment by both Sandbrook and PSP Investments to invest in assets crucial for the renewable energy landscape. Sandiren Curthan, Managing Director at PSP Investments, commented on the strategic alignment: "Our investment in Havfram showcases our dedication to sustainable infrastructure, generating robust risk-adjusted returns while contributing positively to the environment.”
Positive Impact on Global Energy Transition
Ingrid Due-Gundersen, CEO of Havfram, highlighted the significance of this transition. She stated, "The guidance from Sandbrook and PSP Investments has been fundamental in shaping Havfram. Collaborating with DEME will empower us to accelerate offshore wind deployment significantly, amplifying our impact in the global energy transition.”
Transaction Overview
The agreement, valued at approximately €900 million, is anticipated to conclude by the end of April 2025, pending standard closing conditions. This sale will allow Havfram to leverage DEME’s global expertise in marine engineering, fostering further growth in sustainable energy solutions.
About Sandbrook Capital
Sandbrook Capital is dedicated to constructing the next generation of climate infrastructure companies. Founded by experienced investors and industry leaders, Sandbrook partners with exceptional management teams to cultivate sustainable businesses that yield attractive financial results and meaningful environmental benefits.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) stands as one of Canada’s largest pension investors, managing assets worth C$264.9 billion. Established in 1999, PSP Investments focuses on diverse global opportunities in capital markets, private equity, real estate, and infrastructure while ensuring strong risk-adjusted returns.
About Havfram
Havfram is a key player in the offshore wind installation sector, providing vital services to the renewable energy industry. With its innovative WTIVs and a solid pipeline of projects, Havfram is well-positioned to support the development of advanced offshore wind farms around the globe.
Frequently Asked Questions
What does the sale of Havfram to DEME mean for the offshore wind industry?
The sale enables Havfram to leverage DEME’s global expertise, potentially enhancing its operational efficiency and capacity in the offshore wind sector.
What is the timeline for the completion of the sale?
The transaction is expected to close by the end of April 2025, subject to standard closing conditions.
How has Havfram evolved since its inception?
Since its founding in 2021, Havfram has developed advanced Wind Turbine Installation Vessels and has established a strong position in the offshore wind market.
What role does Sandbrook Capital play in this industry?
Sandbrook Capital focuses on building climate infrastructure companies, partnering with skilled management teams to foster sustainable business practices.
What is PSP Investments' strategy regarding renewable energy?
PSP Investments is committed to investing in essential assets within the renewables value chain, aiming for strong financial returns while supporting sustainability.
