Sandbrook Capital and PSP Investments Complete Havfram Sale
Sandbrook Capital and PSP Investments Complete Sale of Havfram
Sandbrook Capital, a leading private investment firm known for its focus on climate infrastructure, has recently concluded an agreement to sell Havfram, a prominent player in offshore wind infrastructure, to DEME, a global name in offshore energy and marine engineering.
The Evolution of Havfram
Founded in 2021 through a strategic partnership between Sandbrook Capital and PSP Investments, Havfram was established to meet the growing demand for offshore wind installation capabilities. Under the leadership of Sandbrook and PSP, Havfram has become a top operator of Wind Turbine Installation Vessels (WTIVs), currently expanding its fleet with two state-of-the-art vessels under construction and a strong portfolio of contracts for major offshore wind projects.
Market Opportunities in Offshore Wind
Christopher Hunt, a partner at Sandbrook Capital, remarked, "We recognized a unique market opportunity to supply advanced vessels essential for constructing today’s expansive offshore wind farms. In just a few years, Havfram has established itself as a critical player in this industry, and we are proud of the remarkable achievements of our team and the returns generated for our investors. We believe DEME will skillfully guide Havfram in its next growth phase."
Investment Perspective from PSP Investments
PSP Investments, which partners with Sandbrook, emphasized the strategic nature of its investment in Havfram. Sandiren Curthan, Managing Director and Global Head of Infrastructure Investments at PSP, stated, "Our investment underscores our commitment to assets vital for the renewables sector, ensuring substantial risk-adjusted returns. It has been rewarding to work alongside Sandbrook Capital and the Havfram team in developing a fleet of next-generation WTIVs."
Future Prospects for Havfram under DEME
According to Ingrid Due-Gundersen, the CEO of Havfram, the long-term vision and support from Sandbrook Capital and PSP Investments have been instrumental in shaping Havfram into its current form. "Joining forces with DEME, a leader in the field, aligns with our mission to expedite offshore wind deployment and contribute to the global energy transition,” she noted.
Transaction Details and Advisors
The transaction, valued at approximately €900 million, is expected to conclude shortly, pending customary conditions. Financial advisement was provided by Goldman Sachs, while Thommessen offered legal support to both Sandbrook Capital and PSP Investments.
About Sandbrook Capital
Sandbrook Capital is a dedicated investment firm striving to build the next generation of climate infrastructure. Its team is composed of experienced investors who collaborate with exemplary management teams to develop sustainable businesses that yield attractive financial results while delivering climate benefits.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada's foremost pension investors, overseeing net assets exceeding C$264.9 billion. It boasts a diversified global portfolio, engaging in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP manages funds for federal public service pension plans, including the Canadian Forces and the Royal Canadian Mounted Police.
About Havfram
Havfram is a Norwegian offshore wind installation company dedicated to providing essential services within the renewable energy sector. With two new WTIVs under construction and a healthy backlog, Havfram is well-positioned to play a substantial role in advancing future offshore wind projects.
Frequently Asked Questions
What is the significance of the sale of Havfram?
The sale of Havfram to DEME represents a strategic move to enhance the capabilities of both companies in the offshore wind industry, promoting renewable energy solutions.
Who were the main partners in Havfram's establishment?
Havfram was established through a collaboration between Sandbrook Capital and PSP Investments, focusing on offshore wind installation services.
What are the future plans for Havfram?
Under DEME's stewardship, Havfram aims to accelerate offshore wind deployment, contributing significantly to the global energy transition.
How has Havfram distinguished itself in the industry?
Havfram has positioned itself as a leader by building a fleet of advanced Wind Turbine Installation Vessels and securing contracts for major offshore projects.
What role does PSP Investments play in the renewable energy sector?
PSP Investments is focused on investing in renewable infrastructure projects that provide long-term financial returns while supporting a sustainable future.
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