Crowley and Morgan Stanley Investment Management (MSIM), through Morgan Stanley Infrastructure Partners (MSIP), have formed a new joint venture to advance offshore wind energy solutions for the United States.
The joint venture will combine Crowley’s end-to-end maritime and logistics capabilities through the newly created Crowley Wind Services Holdings and the financial knowledge of MSIP.
MSIP and Crowley’s partnership will focus on repurposing and operating existing US port facilities and leasing them under long-term contracts to offshore wind developers, according to the press release.
The terminals will support the manufacturing, assembly, and storage of wind farm components as well as provide developers with maritime services such as Jones Act-compliant feedering vessels to transport components from ports to offshore wind installations.
“The partnership of our two companies will help lead the growth of the wind energy sector and provide clean, renewable energy for the U.S. through high-quality maritime and logistics operations and services. Our collaboration will help create not just more value as a business, but cleaner, more sustainable energy for our communities,” said Bob Karl , Senior Vice President and General Manager, at Crowley Wind Services.
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As reported in October last year, Crowley bought 42 acres at the former Salem Harbor Station, which will be redeveloped and will serve as the future home of the Salem Harbor Wind Terminal, the second major offshore wind port terminal in the state.
In addition, the company is pursuing the development of a US West Coast terminal in Eureka, California, in a public-private partnership. Crowley also has a right-of-first-refusal agreement to lease and potentially develop a wind services terminal at Port Fourchon, Louisiana.
Investment funds managed by MSIP, a private infrastructure fund platform within MSIM, will hold a majority stake in Crowley Wind Services Holdings, while Crowley will operate the business.
“In our view, the U.S. offshore wind industry is in its early stages with ambitious goals to develop 30 gigawatts of capacity from offshore wind by 2030 and unlock a pathway to 110 gigawatts by 2050,” said Daniel Sailors , Managing Director, 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.”