The Washington Trust Company says it has made a significant commercial loan to WindServe Marine LLC, a service provider for the offshore wind industry. The funding will enable WindServe to construct three new 88-foot crew transfer vessels (CTV), recently commissioned by offshore wind developer Ørsted.
“Washington Trust was founded on the southwestern shoreline of Rhode Island, and as a good corporate citizen, we are committed to protecting and preserving the local environment. Providing financing for alternative sources of energy that benefit this community aligns both with our business and sustainability benchmarks,” says Edward O. “Ned” Handy III, Washington Trust’s chairman and CEO.
WindServe’s new CTV fleet will initially support the design efforts of 12 new turbines at the Southfork Wind project, located off the coast of Long Island. Once the turbines’ construction is complete, the usage of the vessels will be expanded to the service and maintenance of similar wind farm projects, including Revolution Wind (RI and CT) and Sunrise Wind (NY).
Construction of the vessels will be led by North Kingstown, R.I.-based Senesco Marine, which has expanded its local workforce by approximately 100 new in-state jobs to support the commissioning of this project.
The completion date is projected for mid-to-late summer 2023.
