US to hold 13-GW Gulf of Maine wind lease sale on Oct 29
Sep 16, 2024 16:53 CESTMorgan Stanley Infrastructure Partners (MSIP) announced today it has set up a US-focused offshore wind solutions joint venture (JV) with maritime, energy and logistics company Crowley.
The JV will be engaged in repurposing and operating existing port facilities in the US and leasing them under long-term contracts to offshore wind developers in order to support the fabrication, assembly and storage of wind farm components.
This autumn, Crowley intends to start construction work on the Salem Wind Services Terminal, which will support activities off the northeast coast and also plans to develop a West Coast terminal in Eureka, California. In addition, the company has a right-of-first-refusal agreement to lease and potentially develop a wind services terminal at Port Fourchon, Louisiana.
The new business will strategically combine Crowley’s end-to-end maritime and logistics capabilities and the financial strength and expertise of MSIP, which is part of Morgan Stanley Investment Management (MSIM). Investment funds managed by MSIP will be the majority owners of the venture called Crowley Wind Services Holdings LLC but it will be operated by Crowley.
“In our view, the U.S. offshore wind industry is in its early stages with ambitious goals to develop 30 GW of capacity from offshore wind by 2030 and unlock a pathway to 110 GW by 2050,” said Daniel Sailors, managing director of MSIP.
“We believe port infrastructure is essential to the build-out and long-term maintenance of offshore wind projects and we are excited to partner with Crowley to provide the foundational infrastructure that will enable the development of this important industry," he added.
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