Morgan Stanley Investment Management’s (MSIM) global private infrastructure investment platform has partnered with Crowley to invest in US port terminals leased out to offshore wind developers.
The $16bn (€14.5bn) Morgan Stanley Infrastructure Partners (MSIP) and maritime, energy and logistics solutions company Crowley have created Crowley Wind Services Holdings. MSIP-managed funds will hold a majority stake in Crowley Wind Services, while Crowley will operate the business.
The companies said Crowley Wind Services will focus on repurposing and operating existing US port facilities and leasing them under long-term contracts to offshore wind developers.
The terminals will support the manufacturing, assembly and storage of wind farm components, and provide developers with maritime services such as feedering vessels to transport components from ports to offshore wind installations.
Daniel Sailors, a managing director at MSIP, said: “In our view, the US offshore wind industry is in its early stages with ambitious goals to develop 30GW of capacity from offshore wind by 2030 and unlock a pathway to 110GW by 2050.
“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.”
Bob Karl, SVP and general manager of Crowley Wind Services, said: “The partnership of our two companies will help lead the growth of the wind energy sector and provide clean, renewable energy for the US through high-quality maritime and logistics operations and services.”
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