North Star Secures Funds to Boost Its Renewables Fleet

December 6, 2022, by Adnan Memija

North Star has secured a GBP 140 million (approximately EUR 163 million) financing package to support the next phase of its offshore wind growth plan.

“The £140million secured today secures the capital required for us to continue our newbuilding programme in the year ahead, whilst providing us with the flexibility to continue to expand these facilities to meet our strategy of 40 new SOVs by 2040“, said Fraser Dobbie, North Star chief strategy officer.

The investment includes a GBP 50 million (about EUR 58 million) commitment from the Scottish National Investment Bank, as well as IFM Investors, Edmond de Rothschild’s BRIDGE, and RBC Capital markets.

“The Bank’s investment aligns with its mission to support Scotland’s transition to net zero, allowing the continued expansion of offshore wind projects in the North Sea by addressing recognised demand for SOVs and commissioning service operations vessels (CSOVs)”, said North Star.

Owned by Partner Group, North Star has bases in Aberdeen, Lowestoft, and Newcastle, and has been operating in the North Sea for 135 years.

The company entered the offshore wind market last year after winning all four long-term charter service operations vessel (SOV) awards for the Dogger Bank Wind Farm.

These four vessels will be delivered from 2023 onward, financed by a GBP 127 (about EUR 148 million) project facility secured from Allianz Global Investors last year.

North Star’s ships will utilise hybrid power, dynamic positioning (DP), AI, and machine learning technologies.