North Star Secures EUR 321 Million Financing to Support Offshore Wind Fleet Expansion

North Star has secured a GBP 275 million (approximately EUR 321 million) debt financing package to support the expansion of its offshore wind fleet. The financing fully covers the company’s existing shipbuilding commitments and provides additional capital for future vessel acquisitions and newbuild projects, according to North Star.

New lenders joining the financing include Rabobank, LBBW, and KfW IPEX-Bank, while existing lenders RBS, AIB, Scottish National Investment Bank, and RBC have increased their commitments, North Star said. RBC Capital Markets acted as lead adviser on the transaction.

“For our clients, this package means further certainty on our ability to deliver the vessels we commit to during the tendering process, which matters more as competition for offshore wind contracts intensifies. Confidence in our balance sheet is now as much a part of our story as our reputation for high-performance SOVs and experienced crews”, said Fraser Dobbie, North Star’s chief financial officer.

The financing follows the company’s acquisition of four service operation vessels (SOVs) from Edda Wind, completed in April 2026.

The deal added Goelo Enabler, Boreas Enabler, Nordri Enabler and Sudri Enabler to North Star’s fleet together with their existing charter contracts. The vessels were already deployed on offshore wind projects at the time of the acquisition.

Following the acquisition, North Star’s offshore wind fleet increased to 14 vessels.

The company, which aims to expand its fleet to 40 SOVs by 2040, said on 3 August that since entering the offshore wind market in 2021, it had committed more than GBP 750 million (around EUR 876 million) to its SOV fleet and secured long-term contracts for projects including Dogger Bank, as well as charter agreements with RWE, EnBW and Siemens Gamesa Renewable Energy.

The company also secured GBP 425 million (around EUR 496 million) in debt financing in 2024 to support the growth of its European SOV fleet.

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