PE Deals

Sandbrook and PSP power Havfram with $250m

Havfram is an offshore wind services company majority owned by Sandbrook.

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  • Sandbrook also made an equity commitment of up to $250m when it bought Havfram
  • Havfram provides transport, installation and development services
  • Havfram will use the funding to build offshore wind vessels

Sandbrook Capital and PSP Investments teamed up to provide $250 million in equity to Norwegian offshore wind services company Havfram. The money is on top of an equity commitment of up to $250m Sandbrook made when it acquired a majority stake in the company in early November.

Havfram will use the funding, along with credit financing from commercial banks and export credit agencies, to build offshore wind vessels that can install turbines with tip heights of over 300 metres and foundations of up to 3,000 tonnes at water depths of up to 70 metres. Such vessels “are among the most critically scarce components of the global renewable energy supply chain”, according to a statement, which added that the first such vessel is under construction.

“PSP Investments believes the buildout of the offshore wind supply chain to be part of the solution in addressing climate change and the global shift to net zero,” said Patrick Charbonneau, senior managing director and global head of infrastructure investments at PSP, in the statement. “The state-of-the-art vessels built by Havfram will enable the construction of the largest offshore wind turbines to date.”

Havfram provides transport, installation and development services for the offshore wind sector. It is headquartered in Oslo. The company was spun out of Havfram AS – formerly known as Ocean Installer AS – a global maritime contractor sponsored by HitecVision, which remains a minority investor in Havfram.

PSP Investments is a Canadian pension investment manager with $230.5 billion of net assets under management as of 31 March. It is headquartered in Montreal and has offices in New York, London and Hong Kong.

Sandbrook Capital is a private investment firm focusing on energy infrastructure companies. It is headquartered in Stamford, Connecticut and London, UK.

HitecVision is a provider of institutional capital to Europe’s energy industry.