Sandbrook Capital and the Public Sector Pension Investment Board (PSP Investments) have signed an agreement to sell Havfram, a Norwegian offshore wind infrastructure company, to DEME, a global leader in offshore energy and marine engineering.
Based out of Beveren-Kruibeke-Zwijndrecht, Belgium, DEME is a contractor in the fields of offshore energy, dredging & infra, environmental remediation, trenching, and marine infrastructure.
DEME also engages in concession activities in offshore wind, marine infrastructure, green hydrogen, and deep-sea mineral harvesting.
The transaction is valued at approximately €900M and is expected to close by the end of April 2025, subject to customary closing conditions.
Providing offshore wind installation capacity
Havfram was established in 2021 through a strategic partnership between Sandbrook Capital and PSP Investments to provide essential offshore wind installation capacity for energy companies worldwide.
Under their ownership, Havfram has transformed into a top-tier operator of Wind Turbine Installation Vessels (WTIVs).
Currently, two state-of-the-art vessels are under construction, and the company has a backlog of contracts to build some of the largest offshore wind farms.
“The support and long-term vision of Sandbrook Capital and PSP Investments have been instrumental in building Havfram into what it is today,” says Ingrid Due-Gundersen, CEO of Havfram. “We’re incredibly excited to join forces with DEME, a global leader with a shared mission to accelerate offshore wind deployment. Together, we will play a major role in enabling the energy transition around the world.”
With offices in London, Sandbrook Capital is a private investment firm dedicated to building the next generation of climate infrastructure companies.
“We partnered with PSP Investments to build Havfram because we saw a unique market opportunity to provide the state-of-the-art vessels required to build today’s enormous offshore wind farms,” says Christopher Hunt, Partner at Sandbrook Capital.
“In just a few years, Havfram has become one of the most important players in the offshore wind industry. We are proud of what the team has achieved and the positive financial returns delivered to our investors. DEME will be an outstanding steward of the company in its next phase of growth,” adds Hunt.
PSP Investments: Canada’s largest pension investors
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors, with C$264.9B of net assets under management as of 31 March 2024.
It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments.
“Our investment in Havfram reflects our broader capabilities and commitment to invest in assets essential to the renewables value chain while generating strong risk-adjusted returns,” says Sandiren Curthan, Managing Director and Global Head of Infrastructure Investments at PSP Investments.
“We are proud to have partnered with Sandbrook Capital and with the Havfram team to build a fleet of next-generation WTIVs,” adds Curthan.
