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Pelagic launches Wind Fund with €350m CSOV order

Pelagic Partners Pelagic Partners and CSL sign CSOV shipbuilding agreement
L-R: Sreejith Narayanan – Director of Cochin Shipyard, Madhu Nair – Chairman of Cochin Shipyard, Atef Abou Merhi – Managing Director of Pelagic Partners, Andre Groeneveld – Managing Director of Pelagic Wind Services
Financier Pelagic Partners has stepped into the offshore sector with a 2+2+2 order of Commissioning Service Operation Vessels (CSOV).

Pelagic Wind Fund is the company’s third compartment, joining the existing Pelagic Yield Fund and Pelagic Fund I.

The company has ordered the vessel pair plus options at India’s Cochin Shipard with a value around €350m and expects delivery from Q1 2025. The ships will be based on Kongsberg’s specialized CSOV design UT 5519 HL with equipment picked from best-in-class makers to maximise environmental performance.

“Zero emission capabilities are already integrated through dual fuel engines and hybrid propulsion,” Pelagic said in a press release.

Pelagic Wind Fund further aims to expand its fleet through purchases of second-hand vessels. Pelagic founding member, Dr Niels Hartmann, said: “It is exciting for us to enter into this new segment of cutting-edge, truly green Offshore Wind Supply Vessels. We are convinced to enter this market at a good time and to be able to position ourselves as a key player and trusted partner for the Offshore Wind industry.”

Alongside the fund’s launch, Pelagic established Pelagic Wind Services, which will act as commercial and technical manager for the fleet on an exclusive basis.

Pelagic Wind Services managing director, Andre Groeneveld, said: “The newbuild vessels have major differentiating points such as a significantly increased DP capability, highly efficient Methanol-ready genset and a fully electric autonomous gangway with large crane capacity. These assets will allow us to make a huge step towards our overall aim to become the leading provider of sustainable services for the Renewables sector with a zero-emission footprint from A to Z.”

Pelagic Partners is an investment fund manager based in Cyprus and runs three compartments with differing investment approaches. Pelagic Fund I launched in Q3 2020 and closed in Q4 2021 with current AUM of $60m. Pelagic Yield Fund launched Q1 2022 and is open for subscriptions with a target AUM of $100m. Pelagic Wind Fund launched in Q2 2022, has an AUM target of $240m and is open for subscriptions.

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