RIVE Private Investment invests in Windward Offshore project, making a strategic step forward for the offshore wind industry

Paris, March 07, 2024. RIVE Private Investment (“RIVE”), an independent European investment company, is joining a consortium of maritime and energy sector leaders on the occasion of the launch of the Windward Offshore project, a pioneering initiative aimed at addressing the critical challenges faced by the offshore wind industry. This ambitious project seeks to establish a platform of specialized vessels for offshore wind, marking a decisive step in the development of this critical sector for the energy transition.

The Windward Offshore project was born from a unique collaboration between Diana Shipping Inc., Serafin/Seraverse, ASSC / SeaRenergy, and Blue Star Group, joined by RIVE, all of them recognized for their expertise and long-time commitment to sustainable infrastructure. Four CSOV VARD 4 19 vessels have already been ordered from the Vard shipyard, with two in Norway and two in Vietnam, with deliveries scheduled from August 2025.

The 87.5-meter long, 19.5-meter wide vessels, will be equipped with a gangway featuring an elevator system, as well as a height-adjustable boat landing system. They will incorporate advanced technologies for eco-responsible and smart maritime operations, aimed at minimizing fuel consumption, and will include a suite of systems for power supply, management, navigation, and communications. Designed to operate on green methanol, these vessels will be able to accommodate up to 120 people.

This initiative comes at a critical time for the offshore wind industry, which faces significant obstacles due to the shortage of suitable vessels, compounded by the scarcity of shipyards. Until now, operators have been forced to resort to unsuitable solutions from the oil and gas sector. The Windward Offshore consortium directly addresses this bottleneck by offering vessels specifically designed to meet the complex construction and maintenance needs of offshore wind farms.

Beyond providing high-tech vessels, RIVE and its partners aim to develop a comprehensive platform offering a wide range of services, including project management, crew coordination, logistics, and operations, tailored to the unique requirements of offshore wind.

RIVE’s participation in the Windward Offshore project reflects a strategic vision: investing in critical infrastructure becomes a lever for energy transition. This commitment is not just a response to current constraints but also an anticipation of industrial consolidation movements, where value lies in vertical integration and the creation of an integrated service platform.

Through this project, RIVE positions itself, beyond its role as an investor, as a key player shaping the future of decarbonized energy, ready to capitalize on synergies between shipping and energy infrastructure to accelerate the transition to a more sustainable future.

Camille Brunel, Partner at RIVE Private Investment, commented:

« The integrated approach of the Windward Offshore project is similar to our strategy in the rail sector, where we combine asset ownership, operational expertise, and financing solutions to offer a complete service to our clients. Our goal is to become a force for change in the industry, facilitating the acceleration of offshore wind projects and contributing to a more sustainable energy transition. The Windward Offshore project is more than an investment in vessels: it’s an investment in the future of infrastructure for decarbonized energy »

About RIVE Private Investment

RIVE Private Investment is an independent European investment company, specialized in transport assets and energy transition. RIVE addresses the small and mid-market, combining financial and sectoral expertise. Founded in 2013 and based in Paris, Luxembourg, and Geneva, RIVE has financed more than 2.4 billion euros of assets through over 100 transactions in about twenty countries.

RIVE, through its RTAIF fund, invests in assets contributing to the decarbonization of the transport sector and/or serving essential needs, such as rail, specialized aviation (medical, firefighting and rescue, etc.), and maritime (electric ferries, support for offshore wind farms, etc.). Since its launch in mid-2021, the RTAIF fund has deployed nearly 250 million euros of capital in 10 OECD countries.

Bénédicte Debusschere – b.debusschere@bcadvisory.fr – 06 48 56 70 71
Victoria Wojtczak – v.wojtczak@bcadvisory.fr  – 06 79 75 01 66