Sandbrook Capital has acquired a majority stake in offshore wind services company Havfram and has committed $250m to fund its future growth.
The new capital will be used to build a fleet of state-of-the-art vessels to service the growing need for installation of offshore wind turbines and foundations.
It will also help 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 be wholly owned by Norwegian private investment firm HitecVision, who will also remain as a minority shareholder in Havfram.
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.
Havfram 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.”