Crowley Forms New Offshore Wind Venture with Investment Firm

A rendering of the in-development Salem Wind Services Terminal. Image: Crowley Maritime.

Morgan Stanley Investment Management, through Morgan Stanley Infrastructure Partners, is bolstering Crowley Maritime’s offshore wind efforts under a newly formed joint venture that was announced Aug. 24.

The move allows Crowley Wind Services Holdings to run the business of offering “end-to-end maritime and logistics capabilities” and lean on the fiscal know-how of Morgan Stanley Infrastructure Partners, which plans to manage the investment funds and have a majority stake in Crowley Wind Services.

“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,” Crowley Wind Services’ Senior Vice President and General Manager Bob Karl said. “Our collaboration will help create not just more value as a business, but cleaner, more sustainable energy for our communities.”

The joint venture centers around repurposing and running current port facilities in the U.S. and leasing them on a long-term basis to offshore wind developers, according to Crowley.

“The terminals will support manufacturing, assembly and storage of wind farm components as well as provide developers with maritime services such as Jones Act-compliant feeder vessels to transport components from ports to offshore wind installations,” according to Crowley.

The company is currently looking to develop a terminal in Eureka, Calif. through a public-private partnership.

“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,” MSIP Managing Director Daniel Sailors said. “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.”

By Karen Robes Meeks