The newly created Crowley Wind Services Holdings LLC—made up of maritime company Crowley, Morgan Stanley Investment Management and Morgan Stanley Infrastructure Partners will work to advance offshore wind. (Source: Shutterstock.com)
Morgan Stanley Investment Management (MSIM) and Crowley, a maritime, energy and logistics company based in the U.S., have entered a joint venture (JV) agreement to advance offshore wind energy solutions, according to an Aug. 24 press release.
The newly created Crowley Wind Services Holdings LLC will combine the maritime and logistics abilities of Crowley with the financial strength of MSIP, the companies said. Investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), a private infrastructure fund platform within MSIM, will hold a majority stake in the newly created company. Crowley will operate the business.
The focus of the JV will be repurposing and operating port facilities in the U.S. and leasing them to offshore wind developers under long-term contracts. The terminals will support manufacturing, assembly and storage of wind farm components and provide developers with maritime services.
"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 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."
Crédit Agricole Corporate and Investment Bank acted as financial advisers to MSIP. DNB Markets advised Crowley.
Kirkland & Ellis LLP served as MSIP’s legal counsel. Vinson & Elkins LLP acted as Crowley’s legal counsel.
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