Offshore wind company Havfram increases equity funding to USD 500 million, confirms that construction of first vessel is underway
Published: 12. December 2022
The substantial equity funding, in addition to credit financing from commercial banks and export credit agencies, will be used to build a fleet of state-of-the-art offshore wind vessels. These vessels, capable of installing turbines reaching over 300 meters in tip height and foundations of up to 3,000 tonnes at water depths of up to 70 meters, are among the most critically scarce components of the global renewable energy supply chain.
Havfram also confirmed that its first vessel is now under construction, following execution of a shipbuilding contract with CIMC-Raffles. The NG20000X vessel is equipped with a 3,250-ton crane and the latest battery hybrid drive train technology designed to significantly reduce carbon emissions per MW of offshore wind capacity installed.
Havfram is a pureplay offshore wind infrastructure company focused on providing transport, installation and development services for the offshore wind sector. The company was spun out of Havfram AS (formerly known as Ocean Installer AS), a global maritime contractor sponsored by HitecVision, and is developing a fleet of next-generation turbine installation vessels capable of servicing 20 MW+ offshore wind turbines. The company is headquartered in Oslo, Norway, with a global presence and offices in Stavanger, Perth and Aberdeen. On November 7th, 2022, Havfram announced that Sandbrook Capital had acquired a majority stake in the company and made an equity commitment of up to USD 250 million. HitecVision remains a minority investor in Havfram.
About Sandbrook Capital
Sandbrook Capital is a private investment firm dedicated exclusively to partnering with world class management teams to build great companies that are crucial to transforming the world’s energy infrastructure. The firm was founded by five partners with decades long experience in the renewable energy sector. It is headquartered in Stamford, CT and London, UK.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with $230.5 billion of net assets under management as of March 31, 2022. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.
HitecVision is a leading provider of institutional capital to Europe’s energy industry, helping build successful companies within oil and gas production, renewable energy, and energy infrastructure. HitecVision has been investing in the energy industry for more than three decades, and the firm’s sector expertise and structuring capabilities permits it to build companies that combine capital preservation with equity return upside potential. The firm is headquartered in Stavanger, Norway with offices in Oslo, London and Milan.