Crowley
Crowley Wind Vessel

Morgan Stanley to Fund Crowley Expansion into Maritime Services for Offshore Wind Infrastructure

Aug. 24, 2023

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

The joint venture will combine Crowley's end-to-end maritime and logistics capabilities through the newly created Crowley Wind Services Holdings and the financial strength and expertise of MSIP, which focuses on accelerating long-term, contracted growth infrastructure opportunities. 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 repurposing 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 wind farm components as well as provide developers with maritime services such as vessels to transport components from ports to offshore wind installations.

"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," Daniel Sailors, managing director, MSIP, said in the press release. "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 wind energy solutions for the U.S. offshore wind industry, including port operations, vessels and project management. Through a public-private partnership with the Massachusetts' Clean Energy Center and Salem, MA, 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, CA, 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, LA.