Havfram: Sale of wind business
We are pleased to announce the sale of a majority stake in Havfram’s offshore wind business to Sandbrook Capital, a private investment firm dedicated to building climate infrastructure companies. As part of the transaction, Sandbrook has committed a transformative investment of USD 250 million (NOK 2.65 billion) of equity capital to Havfram.
The new capital, which will result in Havfram being one of the best capitalized companies in the sector, will be used to build a fleet of state-of-the-art vessels to service of the growing need for installation of offshore wind turbines and foundations (“WTIVs”), and to further Havfram’s broader strategy to become the leading provider of services to the offshore wind industry. As part of the transaction, Havfram’s subsea activities will be separated into an independent company which will remain wholly owned by HitecVision, who will also retain a minority shareholding in Havfram’s offshore wind business.
Globally, ex-China, governments are targeting installation of 250 GW of offshore wind capacity by 2030, representing 24 GW of annual installation activity. To allow for that pace of growth, the industry requires significant investment in the global supply chain, and in particular, in next-generation WTIVs capable of installing very large turbines at heights of over 150 meters under adverse weather conditions. Havfram’s vessels are being designed to support the adoption of offshore wind at scale, while significantly reducing the carbon footprint of installation activities, in an effort to expand access to low-cost clean energy resources.
Led by CEO Ingrid Due-Gundersen, Havfram’s management team has decades of experience in the maritime industry. Havfram Wind, the company’s offshore wind construction division, is led by CEO Even Larsen, who previously built Fred Olsen Wind Carrier into a leader in the offshore wind installation industry. The company’s strategic offshore wind development division is led by Emilie Reeve. Ingrid, Even and Emilie lead a deep team of offshore wind experts, some of whom were responsible for, or involved in, the installation of more than 15% of all offshore wind turbines globally outside China between 2013 and 2020. Havfram’s Board of Directors will be chaired by Andreas Nauen, who previously served as CEO of Siemens Gamesa, one of the largest wind turbine manufacturers in the world.
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.”