Posted on November 9, 2022
An alternative investment fund based in Cyprus is the latest to make a play for a segment of the emerging offshore wind services industry. Pelagic Partners, which is one of Cyprus’ emerging managers in other segments of commercial shipping announced the launch of a new Pelagic Wind Fund with the order for up to six commissioning service operation vessels (CSOV) as well as a dedicated commercial and technical manager for the wind sector.
Started four years ago, Pelagic closed its first fund in 2021 with assets under management of $60 million and a second yield fund with a target of $100 million. In mid-2022, Pelagic launched its third fund, the wind fund, with a target of $240 million. Currently, according to the website, the funds have a fleet of five gas carriers as well as a dry bulk carrier and a car and truck transporter. Established as a dedicated platform to serve the Offshore Wind sector, the Pelagic Wind Fund aims to add further second-hand assets to the fleet to become a key player in the growing industry.
“It is exciting for us to enter into this new segment of cutting-edge, truly green offshore wind supply vessels,” said Dr. Niels Hartmann, one of the founding members of Pelagic Partners. “We are convinced to enter this market at a good time and to be able to position ourselves as a key player and trusted partner for the offshore wind industry.”
Pelagic Partners signed an agreement with India’s Cochin Shipyard for a series of three classes of two CSOVs for a possible total of six vessels. The alternative investment group reports the contract has a total value of just over $350 million. The first two vessels, two be named Wahoo and Walu, are both expected to be delivered in Q1 2025.
According to the company, the design for the vessels which will each be 306 feet long with a beam of 64 feet, is based on Kongsberg’s UT 5519 HL-design. The goal is to build the most environmentally friendly vessels of this type with zero emission capabilities that are already integrated through dual-fuel engines and hybrid propulsion. They will be equipped with a methanol-ready Genset and a fully electric autonomous gangway with a large crane capacity.
Pelagic Partners also established Pelagic Wind Services (PWS), which will be the exclusive commercial and technical manager for the fleet. The group aims to become the leading provider of sustainable services for the renewables sector by providing a zero-emission footprint.
Investors are anxious to find opportunities as the wind sector develops. Yesterday, U.S.-based Sandbrook Capital announced it has acquired a majority stake in Norway’s Havfram, a recently launched offshore wind services company. As part of the agreement, they will be providing $250 million of equity capital to Havfram that will be used to build a fleet of state-of-the-art vessels to service the growing need for the installation of offshore wind turbines and foundations.
The wind sector will require large capital investments to meet global goals for the installation of wind farms. Investors are anxious to find opportunities within the emerging sector as well as to develop the infrastructure to support the industry.
