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Havfram increases equity funding to $500m, confirms construction of first vessel is underway

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12 December 2022

Havfram, an offshore wind services company based in Norway, announced that it has secured an additional USD 250 million in equity funding through a partnership between its primary sponsor, Sandbrook Capital, and Canada’s PSP Investments.

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 metres in tip height and foundations of up to 3,000 tonnes at water depths of up to 70 metres, 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 reduce carbon emissions per MW installed by over 70% compared to previous vessel models. The agreement with CIMC-Raffles contemplates the construction of up to four of these advanced vessels.

Even Larsen, CEO of Havfram’s offshore wind construction business, said "I am proud to announce this important milestone for Havfram Wind AS. With this world-class equipment and one of the most experienced teams in the industry, we are certain that we will be able to provide a first-class service to project owners, turbine suppliers and construction partners globally. I’m also excited that our vessels will have some of the lowest emission profiles in the industry, as we have designed them to use latest electric battery and energy recovery systems, as well as numerous other sustainability innovations”.

Commenting on the additional capitalisation, Havfram’s CEO Ingrid Due-Gundersen said "Our planet can’t afford delays in the fight against climate change. The doubling of our equity funding only a month after Sandbrook’s initial investment in Havfram is a testament to the fact that rapid progress can in fact be made when we bring together the right engineering and operational capabilities and specialised investors of scale. We’re extremely grateful to Sandbrook and PSP Investments, not just for their trust and financial support, but also for the way they are already leveraging their experience and extensive networks to help Havfram become a leading partner to the global offshore wind industry”.

Patrick Charbonneau, Senior Managing Director and Global Head of Infrastructure Investments at PSP, added "PSP Investments believes the buildout of the offshore wind supply chain to be part of the solution in addressing climate change and the global shift to net zero. The state-of-the-art vessels built by Havfram will enable the construction of the largest offshore wind turbines to date. For this reason, we are excited to partner with Sandbrook and with the Havfram team to support the growth of offshore wind as one of the world’s most scalable sources of clean energy.”
Havfram increases equity funding to $500m, confirms construction of first vessel is underway