Caisse investing in Taiwan wind farm, CPPIB in Indonesian logistics venture

The Public Sector Pension Investment Board is investing in a Norwegian offshore wind service company.

The investment organization and asset management firm Sandbrook Capital Management are injecting US$250 million into Havfram. The funding will be used to cover a portion of the costs of building a fleet of vessels capable of installing 300 metre wind turbines at depths of up to 70 metres.

Read: PSP expands portfolio with U.S. wind farm acquisition

The move is part of a strategy to support the growth of offshore wind energy generation. “The state-of-the-art vessels built by Havfram will enable the construction of the largest offshore wind turbines to date,” said Patrick Charbonneau, senior managing director and global head of infrastructure investments at PSP Investments, in a press release. 

In similar news, an offshore wind joint venture backed by the Canada Pension Plan Investment Board has been awarded a lease by the U.S. Bureau of Ocean Energy Management.

Golden State Wind, a joint venture co-owned by the CPPIB and Ocean Winds, bid US$150.3 million to lease a 32,544 hectare site in Morro Bay, Calif. As part of the bid, the CPPIB and Ocean Winds committed to investing $30 million in workforce development and supply chain initiatives.

The site will be used to house a floating offshore wind facility. According to a press release, it could generate enough energy to power about 900,000 homes after construction is completed in 2035.

“This investment aligns well with our efforts to reduce carbon emissions across our portfolio while continuing to deliver strong, long-term risk-adjusted returns for the fund’s contributors and beneficiaries,” said Bruce Hogg, managing director and head of sustainable energies at the CPPIB, in the release.

Read: Ontario Teachers’ financing European digital brokerage platform, CPPIB investing in wind energy generation