Sandbrook Capital and the Public Sector Pension Funding Board (PSP Investments) have signed an settlement to promote Havfram, a Norwegian offshore wind infrastructure firm, to DEME, a world chief in offshore vitality and marine engineering.
Based mostly out of Beveren-Kruibeke-Zwijndrecht, Belgium, DEME is a contractor within the fields of offshore vitality, dredging & infra, environmental remediation, trenching, and marine infrastructure.
DEME additionally engages in concession actions in offshore wind, marine infrastructure, inexperienced hydrogen, and deep-sea mineral harvesting.
The transaction is valued at roughly €900M and is anticipated to shut by the tip of April 2025, topic to customary closing circumstances.
Offering offshore wind set up capability
Havfram was established in 2021 via a strategic partnership between Sandbrook Capital and PSP Investments to supply important offshore wind set up capability for vitality firms worldwide.
Beneath their possession, Havfram has remodeled right into a top-tier operator of Wind Turbine Set up Vessels (WTIVs).
At present, two state-of-the-art vessels are beneath building, and the corporate has a backlog of contracts to construct a number of the largest offshore wind farms.
“The assist and long-term imaginative and prescient of Sandbrook Capital and PSP Investments have been instrumental in constructing Havfram into what it’s at present,” says Ingrid Due-Gundersen, CEO of Havfram. “We’re extremely excited to affix forces with DEME, a world chief with a shared mission to speed up offshore wind deployment. Collectively, we are going to play a significant function in enabling the vitality transition around the globe.”
With workplaces in London, Sandbrook Capital is a personal funding agency devoted to constructing the subsequent technology of local weather infrastructure firms.
“We partnered with PSP Investments to construct Havfram as a result of we noticed a novel market alternative to supply the state-of-the-art vessels required to construct at present’s monumental offshore wind farms,” says Christopher Hunt, Associate at Sandbrook Capital.
“In only a few years, Havfram has change into one of the necessary gamers within the offshore wind business. We’re pleased with what the group has achieved and the constructive monetary returns delivered to our traders. DEME shall be an impressive steward of the corporate in its subsequent section of progress,” provides Hunt.
PSP Investments: Canada’s largest pension traders
The Public Sector Pension Funding Board (PSP Investments) is considered one of Canada’s largest pension traders, with C$264.9B of web property beneath administration as of 31 March 2024.
It manages a diversified world portfolio composed of investments in capital markets, personal fairness, actual property, infrastructure, pure assets, and credit score investments.
“Our funding in Havfram displays our broader capabilities and dedication to put money into property important to the renewables worth chain whereas producing sturdy risk-adjusted returns,” says Sandiren Curthan, Managing Director and International Head of Infrastructure Investments at PSP Investments.
“We’re proud to have partnered with Sandbrook Capital and with the Havfram group to construct a fleet of next-generation WTIVs,” provides Curthan.
