New Norsepower Rotor Sail Leasing Deal Eases Up-Front Cash Requirements for Wind Investments

The leasing arrangement will make it easier for shipping firms to install bunker-saving wind power systems without needing to pay up-front. File Image / Pixabay

Engineering firm Norsepower has developed a leasing arrangement for shipowners to access its rotor sail systems.

The company has signed a cooperation agreement with IINO Lines and Mizuho Leasing Company to launch a leasing initiative for the Norsepower Rotor Sail, it said in a press release on Tuesday.

Under the initiative shipowners will be able to lease rotor sails for a minimum of a five-year period, paying for the system with a fixed monthly fee rather than fronting the entire cost of installation.

The arrangement could bring easier access to wind-power systems to companies without enough capital to invest in the technology all at once.

"Norsepower Rotor Sails are now an undisputed choice for making meaningful emissions reductions and managing escalating fuel bills," Tuomas Riski, CEO of Norsepower, said in the statement.

"Having our product as standard onboard all suitable vessels should be feasible for shipowners and operators of all sizes.

"That's why we're delighted to introduce new, competitively priced leasing services with our partners.

"By doing so, we could lower upfront capital requirements and encourage vessel owners to take action and upgrade their fleets."

Wind-assisted propulsion systems are gaining in popularity in the shipping industry as a means of cutting bunker consumption and GHG emissions. The systems are likely to become more widespread once shipping companies start to take on much more expensive alternative bunker fuels, making energy-saving systems more profitable.