Commercial Lending

Washington Trust Announces Funding Support for Northeast’s Renewable Energy Projects

February 01, 2023

Rhode Island community bank awards loan to WindServe Marine for offshore wind development along Eastern Seaboard

File photo: WindServe Marine

The Washington Trust Company, the nation’s oldest community bank and one of the Northeast’s premier financial services companies, announced that it has made a significant commercial loan to WindServe Marine, LLC, the Atlantic Coast’s leading service provider for the offshore wind industry. The funding will enable WindServe to construct three new 88-foot crew transfer vessels (CTV), recently commissioned by the largest offshore wind developer in the world, Ørsted. This strategic support for the renewable energy industry expands Washington Trust’s already robust and diverse portfolio into the progressive green electricity sector, which is expected to power the future for businesses and the planet.

“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,” says Edward O. “Ned” Handy III, Washington Trust Chairman, and CEO. “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.”

Construction of the vessels will be led by North Kingstown-based Senesco Marine, which has expanded its local workforce by approximately one hundred new in-state jobs to support the commissioning of this project. The completion date is projected for mid-to-late summer 2023.

“Washington Trust’s longstanding presence in Rhode Island continues to bring economic growth and development to communities within the state and throughout New England,” said Anthony “Tony” Botelho, Washington Trust Executive Vice President and Chief Commercial Lending Officer. “Rhode Island’s official nickname is the ‘Ocean State’ and many residents work directly within the ‘Blue Economy,’ which aims to conserve marine and freshwater resources while also developing economic growth. Washington Trust believes that expanding its C&I loan portfolio demonstrates the bank’s continued support of local economic needs, as well as positively contributing to global environmental and sustainability efforts.”

For more information about Washington Trust Commercial Banking, visit

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