WESTERLY – The Washington Trust Co. recently financed a “significant” loan to a New York offshore wind services company to support offshore wind farms in Rhode Island, Connecticut and New York.
The loan to WindServe Marine LLC will be used to build three 88-foot-long crew transfer vessels commissioned by offshore wind developer Orsted A/S to help with design of the South Fork Wind Farm near Long Island. The vessels will later be used for service and maintenance with the Revolution Wind Farm planned off the coast of Block Island.
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The amount of the loan was not disclosed.
North Kingstown-based Senesco Marine will lead construction of the vessels, having recently expanded its workforce with 100 jobs to support the burgeoning offshore wind industry. The company expects to finish building by mid- to late summer 2023.
“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,” Edward O. “Ned” Handy III, Washington Trust chairman and CEO, said in a statement. “Our Commercial and Industrial team has been successful in supporting established sectors within our current loan portfolios and we’re confident that broadening into the renewable energy sector will contribute to our continued strength.”
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
