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Sandbrook Capital invests $250 million in Havfram

By: Tom Russell 07/11/2022 Sandbrook Capital

General Vessels

Havfram, an offshore wind services company based in Norway, announced that it has received investment from Sandbrook Capital, a private investment firm dedicated to building climate infrastructure companies. As part of the transaction, Sandbrook has committed $250 million (NOK 2.65 billion) of equity capital to Havfram.

The new capital will be used to build a fleet of vessels to service of the growing need for installation of offshore wind turbines and foundations (WTIVs). As part of the transaction, Havfram’s subsea activities will be separated into an independent company which will be wholly owned by Norwegian private investment firm HitecVision, who will also remain as a minority shareholder in Havfram.

A according to Havfram, the next-generation WTIVs will be capable of installing turbines at heights of over 150 meters under adverse weather conditions. The vessels are being designed to support the adoption of offshore wind at scale, while reducing the carbon footprint of installation activities.

Commenting on Sandbrook’s investment, Havfram’s CEO Ingrid Due-Gundersen said “We are excited about the opportunity to build a world-class offshore wind business and unlock a key bottleneck in the development of new clean power generation. Sandbrook’s principals are among the most experienced investors in global renewable energy, and in offshore wind installation in particular. Their capital and expertise, combined with the strong operational track record of our team, will be hugely advantageous to our strategic goal of becoming the leading player in supporting the growth of the offshore wind industry globally.”

Alfredo Marti, co-founder and partner of Sandbrook Capital, said “We have had a long-held thesis that large-scale growth in offshore wind is a fundamental step on the path to increasing the penetration of clean electricity globally. Critical to that growth is the creation of a strong supply chain. By partnering with Havfram’s vastly experienced team, we believe we are ideally placed to advance that goal and we look forward to helping them build a great company.”

Tor Espedal, Senior Partner of HitecVision, commented: “We are very pleased to have completed this important step in the strategic transformation of Havfram. With the new capital injection from Sandbrook and under the leadership of Ingrid, Even and Emilie, Havfram is poised to become the leading player in the global offshore wind supply chain that we set out to build three years ago.”

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Sandbrook Capital invests $250 million in Havfram

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