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Seabury Capital Advises on Connecticut Expansion

Seabury Capital Advises on Connecticut Expansion

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.

 

 

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.”

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