US alternative financier EnTrust Global has made its first move into offshore wind farm shipping — and says more is to come.
Entrust's maritime holding company Purus Marine said on Friday that it has acquired a new service operation vessel (SOV) due in 2022 that comes with a long-term charter to a renewable energy company.
"The SOV is a hybrid-electric vessel that offers best-in-class environmental performance and is zero-emissions ready, with future larger battery/charging and fuel cell options," Purus said, adding that a leading Norwegian ship manager and owner will provide technical and commercial services.
This could be Ostensjo Rederi and Wilhelmsen joint venture Edda Wind, which has a series of six SOVs and construction service vessels on order at two Spanish yards.
The first of these, the 2,500-dwt Edda Breeze, is due next February from Astilleros Gondan.
Purus Marine has been contacted for further information.
"This environmentally advanced SOV is well aligned with our mission to decarbonise the maritime industry, not only in achieving reduced carbon emissions today, but also with the potential to operate with zero emissions in the future," said Julian Proctor, Purus' chief executive.
"We are proud to provide this critical marine infrastructure equipment to support the generation of offshore renewable energy."
Svein Engh, senior advisor and a board member of Purus Marine, said this is just the start in terms of wind farm shipping.
"We are delighted to have an agreement to acquire our first SOV, marking the first step in achieving Purus Marine's goal of owning a world-leading fleet of SOVs servicing the offshore wind industry," he said.
"Purus Marine expects to make additional acquisitions in offshore wind, as well as other maritime sectors, over the next year."
EnTrust Global has been busy expanding in shipping this year.
Last month, it bought Dutch lender ABN Amro's Maas Capital.
The deal for the independent subsidiary was agreed as part of the bank's disposal of non-core assets.
The Maas portfolio consists of 15 controlling and non-controlling stakes in shipping, intermodal and offshore services-related assets.
And in April, Dutch shipbuilder Damen Shipyards Group moved into shipowning in a new leasing venture with Purus Marine, which was set up by EnTrust as a shipping and infrastructure financing company.
Environmental focus
The idea is to own and lease out environmentally advanced newbuildings to help operators with energy transition financing.
The partnership, named DP Lease, aims to provide flexible and attractively priced long-term lease financing to solve the funding gap created by additional spending requirements needed to lower shipping's carbon footprint.
DP Lease will own Damen-built vessels in a number of sectors, including ferries, offshore wind and towage.
