Morgan Stanley, Crowley form joint venture for U.S. offshore wind advancements

By: Kaitlin Walsh 24/08/2023 Morgan Stanley

General Ports Windfarms

Morgan Stanley Investment Management (MSIM), through Morgan Stanley Infrastructure Partners (MSIP), and maritime, energy and logistics solutions leader Crowley announced the creation of a new joint venture to advance offshore wind energy solutions for the United States.

The joint venture will strategically combine Crowley’s end-to-end maritime and logistics capabilities through the newly created Crowley Wind Services Holdings, LLC, and the financial strength and expertise of MSIP.

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.

MSIP and Crowley's partnership will focus on purposing and operating existing U.S. port facilities and leasing them under long-term contracts to offshore wind developers. The terminals will support manufacturing, assembly and storage of offshore wind farm components, as well as providing developers with maritime services such as Jones Act-compliant feedering vessels to transport components from ports to offshore wind installations.

Daniel Sailors, Managing Director, MSIP, states: “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,”

“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.”

Through a public-private partnership with the Commonwealth of Massachusetts’ Clean Energy Center and the City of Salem, Massachusetts, Crowley plans to begin construction this fall on the Salem Wind Services Terminal, which will support the development and operation of offshore wind lease areas off the northeast U.S. coast.

In addition, the company is pursuing the development of a U.S. 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.

Bob Karl, Senior Vice President and General Manager, Crowley Wind Services, states: “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.”

The Offshore Wind Ports Information Database provides a comprehensive solution for project managers, operators and maintenance teams in the sector. For more information, click here.

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Morgan Stanley, Crowley form joint venture for U.S. offshore wind advancements

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