The state of Connecticut has reached an agreement to develop an offshore wind facility at State Pier in New London.
Seabury Maritime, the global maritime and transportation investment and advisory firm, announced today that the company acted as the transaction advisors to the Connecticut Port Authority in a public/private investment to redevelop State Pier.
The estimated $93 million investment will transform State Pier into a state of the art facility, while creating a platform for heavy lift cargo, such as offshore wind components, to utilize Connecticut’s ports in support of offshore wind projects including those in federal waters south of Martha’s Vineyard.
“This is an exciting opportunity for the State,” said Patrick Bird, Managing Director – Global Head of Advisory of Seabury Maritime. “By partnering with the offshore wind industry, this new redevelopment plan will put State Pier on a growth trajectory, making it a big step towards realizing the port’s economic expansion and fulfilling the strategic objectives of the Port Authority.”
The two-phased redevelopment plan involves a three-year planned upgrade of the facility’s infrastructure to meet the heavy lift requirements of Bay State Wind’s offshore wind components. Following successful project completion, Bay State Wind will enter into a 10-year lease agreement granting the joint venture between Eversource and Ørsted exclusive use of State Pier for assembly and deployment of offshore wind components.
Gateway Terminals, originally of New Haven, CT, signed a long-term concession agreement in January and will act as the new terminal operator.
Edward Zimny, President & Chief Executive Officer Seabury Maritime, commented: “We appreciate the opportunity CPA has provided us and are confident that this transaction will further aid their vision of increasing the flow of conventional cargo while capturing emerging opportunities.”