Seabury Capital Group has been revealed as the key transaction advisor to the Connecticut Port Authority (CPA) on the US$93 million redevelopment and expansion of the State Pier.
According to a statement, the initiative included private and public investment and will see State Pier transform into a world-class, state-of-the-art facility and create a platform for heavy lift cargo, such as offshore wind components, to utilize Connecticut’s ports.
The expansion will take place in two phases. The first will involve a three-year planned upgrade of the facility’s infrastructure to meet the heavy lift requirements of Bay State Wind’s offshore wind components.
Once that is completed, Bay State Win will enter a 10-year lease agreement granting the joint venture between New England energy giant Eversource and Danish firm Orsted.
Gateway Terminals, who signed a long-term concession agreement in January 2019 and will act as the State Pier’s new operator.
New London's State Pier to potentially become offshore wind hub https://t.co/a4qOIwPxek via @thedayct pic.twitter.com/RNKgamWP4g
— Greg Smith (@SmittyDay) May 2, 2019
Managing Director – Global Head of Advisory of Seabury Maritime, Patrick Bird, had this to say: “This is an exciting opportunity for the State. 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.”
Evan Matthews, Executive Director of the CPA, also spoke: “We are excited to launch this new development phase for State Pier.
“This is the way public-private partnerships are designed to work, and Seabury Maritime has been a valuable partner in helping our team achieve this new milestone. We look forward to working with our new partners to position Connecticut as a leader in the offshore wind industry and expand economic opportunity throughout the region.”
