The investment will be used by the company to build a fleet of vessels for the installation of offshore wind turbines. Credit: Nicholas Doherty on Unsplash.

Private investment firm Sandbrook Capital has acquired a significant stake in Norway-based offshore wind services firm Havfram.

Apart from stake acquisition, Sandbrook Capital has also committed an investment of $250m to fund Havfram’s future growth.

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As per the terms of the deal, Havfram’s subsea activities will be separated into an independent company and will be owned by Norwegian private investment firm HitecVision, which will also hold a minority stake in Havfram.

Sandbrook Capital co-founder and partner Alfredo Marti 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.”

The investment will be used by the Norwegian firm to build a fleet of vessels for the installation of offshore wind turbines and foundations, as well as support its strategy to establish itself as the leading provider of services to the offshore wind industry.

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Havfram added that its vessels will be designed to support offshore wind projects at scale while significantly reducing the carbon footprint of installation activities.

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.”