By Colin Kellaher

Morgan Stanley's private infrastructure investment platform is forming a joint venture with privately held maritime, energy and logistics solutions company Crowley to advance offshore wind-energy solutions for the U.S.

Morgan Stanley and Crowley on Thursday said the venture will focus on repurposing and operating existing U.S. ports and leasing them under long-term contracts to offshore wind developers.

The companies said the terminals will support manufacturing, assembly and storage of wind-farm components and provide maritime services to the developers.

The companies said the venture, dubbed Crowley Wind Services Holdings, will combine Crowley's maritime and logistics capabilities with the financial strength and expertise of Morgan Stanley Infrastructure Partners, a fund platform within Morgan Stanley Investment Management.

The companies said Morgan Stanley Infrastructure Partners, which has about $16 billion in assets under management, will hold a majority stake in the venture, while Crowley will operate the business.

Financial details of the deal weren't disclosed.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 24, 2023 09:02 ET (13:02 GMT)

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