Morgan Stanley Investment Management (MSIM) has joined forces with Crowley to establish a joint venture (JV) aimed at advancing offshore wind energy solutions in the United States. The partnership, named Crowley Wind Services Holdings, is strategically focused on repurposing and operating existing US port facilities to support the offshore wind sector’s growth.
The collaboration will see the transformation of US port facilities into terminals designed for manufacturing, assembling, and storing wind farm components. Additionally, the terminals will offer maritime services, including Jones Act-compliant feedering vessels, for the transportation of components from ports to offshore wind installations.
Morgan Stanley Infrastructure Partners (MSIP), a private infrastructure fund platform within MSIM, will hold a majority stake in the JV, while Crowley will manage the business operations. The partnership seeks to leverage Crowley’s comprehensive maritime and logistics capabilities and MSIP’s financial expertise to cater to the increasing demand in the US offshore wind sector.
Recognizing the early stages of the US offshore wind industry and its ambitious capacity expansion goals, the partners view port infrastructure as a fundamental element for the industry’s growth and long-term sustainability. The collaboration aligns with the broader industry targets of developing 30GW of offshore wind capacity by 2030 and a pathway to 110GW by 2050.
The venture will facilitate projects such as the Salem Wind Services Terminal, which is set to begin construction this fall in Massachusetts. The terminal aims to support the offshore wind lease areas along the northeastern coast. Additionally, Crowley is actively pursuing the development of a terminal on the US West Coast, further expanding the reach and capabilities of the partnership.