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Morgan Stanley and Crowley have formed a joint venture to develop port infrastructure to support the offshore wind energy industry in the U.S.
The aim of the partnership is to repurpose and operate existing U.S. port facilities and lease them under long-term contracts to offshore wind developers. The terminals will support wind farm component manufacturing, assembly, and storage, and provide maritime services for developers, including Jones Act-compliant feedering vessels to help with the construction of offshore wind projects.
Investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), a private infrastructure fund platform within Morgan Stanley, will hold a majority stake in the new formed 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.”
Crowley provides various solutions for the nascent U.S. offshore wind industry, including port operations, terminaling, feedering vessels, and project management. The company plans to begin construction on the Salem Wind Services Terminal this fall in Salem, Massachussettes, which will support offshore wind projects off the Northeast. Crowley is also pursuing the development of a U.S. West Coast terminal in Eureka, California, and has a right-of-first refusal agreement to lease and potentially develop a wind services terminal at Port Fourchon, Louisiana.
Separately, New Jersey is developing the New Jersey Wind Port, a purpose-built offshore wind port that will provide for staging, assembly, and manufacturing activities related to offshore wind projects on the East Coast.
“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, Crowley Wind Services.
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