Crew Transfer Vessels
(Portfolio 11)
Portfolio 11 primarily provides financing to the
owners and operators of Crew Transfer Vessels
(“CTVs”) with the vessels focused on servicing
offshore wind parks.
Portfolio 11 is an example of SOLO building
relevance in the renewables space by funding
more granular assets and service equipment
rather than the large ticket infrastructure assets
themselves.
Overview
By providing finance for the funding of Crew Transfer Vessels the facility
enhances the reduction of fossil fuel use as these assets are a pre-requisite for
both the construction and maintenance of Offshore Windfarms and their
production of renewable energy.
As Europe decarbonises its electricity generation capacity, offshore wind plays a
vital role in this process. The UK leads the way and is one of the largest offshore
wind electricity producers and continues to dedicate resources to grow generation
capacity through this form of generation.
CTVs play a critical role in both the construction and maintenance of offshore
windfarms and as such are critical assets in the industry. During the construc-
tion of a new offshore wind farm, the owner will most likely need about one CTV
for every five new turbines. During the operation and maintenance phase, one
vessel is required for every 10-15 turbines. Effective covenants ensure CTVs are
being used exclusively for offshore renewables during the life of the investment
(typically 5 year contracts).
Generating power via wind power produces less CO2e than
alternative energy sources
Source: https://www.forbes.com/sites/christopherhelman/2021/04/28/how-green-is-wind-
power-really-a-new-report-tallies-up-the-carbon-cost-of-renewables. Statistics referenced in the
article are compiled from the following sources: National Renewable Energy Laboratory, Vestas,
Siemens Gamesa Renewable Energy and Bernstein Research estimates. Carbon dioxide
equivalent (CO2e) is the number of metrics tonnes of CO2 emissions with the same global
warming potential as one metric tonne of another greenhouse gas. This is a standard metric
for CO2 footprints.
99%
Lower
Emissions
Than
Coal Power
21%
Lower
Emissions
Than
Solar Power
98%
Lower
Emissions
Than
Natural Gas
Power
KPIs
1. Cwind: Total number of CTVs funded: 4
CTV Name: CWind Pioneer
Type of CTV
Hybrid
Vessel activities
Windfarm maintenance
Clean energy generated (kWh)
390,000
Reduction in CO2 emissions versus solar power (kWh)
12,870,000 g/ CO2e
Reduction in CO2 emissions versus natural gas (kWh)
171,217,800 g/CO2e
Reduction in CO2 emissions versus coal power (kWh)
385,710,000 g/CO2e
CTV utilisation during the period
83%
Adherence to LCM’s Exclusion Policy
Yes
CTV Name: BF Hurricane
Type of CTV
Diesel
Vessel activities
Other – search
and rescue
CTV utilisation during the period
100%
Adherence to LCM’s Exclusion Policy
Yes
CTV Name: CWind Tornado
Type of CTV
Diesel
Vessel activities
Windfarm maintenance
Clean energy generated (kWh)
390,000
Reduction in CO2 emissions versus solar power(kWh)
12,870,000 g/CO2e
Reduction in CO2 emissions versus natural gas (kWh)
171,217,800 g/CO2e
Reduction in CO2 emissions versus coal power (kWh)
385,710,000 g/CO2e
CTV utilisation during the period
83%
Adherence to LCM’s Exclusion Policy
Yes
CTV Name: CWind Typhoon
Type of CTV
Diesel
Vessel activities
Other – search
and rescue
CTV utilisation during the period
100%
Adherence to LCM’s Exclusion Policy
Yes
2. Diverse Marine: Total number of CTVs funded: 2
CTV Name: Stockbuild 1
Type of CTV
Diesel
Status of the CTV
Under construction
Adherence to LCM’s Exclusion Policy
Yes
CTV Name: Stockbuild 2
Type of CTV
Diesel
Status of the CTV
Under construction
Adherence to LCM’s Exclusion Policy
Yes
3. HST: Total number of CTVs funded: 1
CTV Name: HST Millie
Type of CTV
Hybrid
Vessel activities
Windfarm construction
Clean energy generated (kWh)
1,197,936,000
Reduction in CO2 emissions versus solar power (kWh)
39,531,888,000 g/CO2e
Reduction in CO2 emissions versus natural gas (kWh)
525,917,862,720 g/CO2e
Reduction in CO2 emissions versus coal power (kWh)
1,184,758,704,000 g/CO2e
CTV utilisation during the period
100%
Adherence to LCM’s Exclusion Policy
Yes
4. NR Marine: Total number of CTVs funded: 1
CTV Name: NR Predator
Type of CTV
Diesel
Status of the CTV
Under Construction
Adherence to LCM’s Exclusion Policy
Yes
Under Portfolio 11, we are also providing funding to Coastal Workboats to
allow them to build and deliver a new electric powered ferry which will be used
by local residents off the remote Shetland Islands in Scotland.
5. Coastal Workboats: Total number of workboats funded: 1
Type of ferry funded
Electric
Status of the ferry
Under construction
Adherence to LCM’s Exclusion Policy
Yes
Key Performance Indicators (KPIs)
During the reporting period, the partnership deployed £13.6m into Crew Transfer Vessels to support with both the construction and maintenance of offshore
windfarms across Europe. In total, 8 crew transfer vessels received financing and five of these were operationally active during the period with further details included
in the table below.
LCM Partners SOLO VII SLP | ESG Report | 09
UN SDG Alignment:
LCM has assessed Portfolio 11 for alignment with the UN SDGs. This investment
is aligned with the following:
SDG 7: Affordable and Clean Energy
7.2: Increase substantially the share of renewable energy in the
global energy mix