North Star has secured a £140m financing package to support the next phase of its offshore wind fleet growth plan.
The investment includes a £50m commitment from the Scottish National Investment Bank, as well as IFM Investors, Edmond de Rothschild’s BRIDGE, and RBC Capital Markets.
The firm entered the offshore wind market last year after winning all four long-term charter SOV awards for the highly competitive Dogger Bank Wind Farm.
These four vessels will be delivered from 2023, financed by a £127m project facility secured from Allianz Global Investors last year. SOVs provide accommodation for wind technicians and access to equipment while working in field.
North Star’s state-of-the-art ships utilise hybrid-power, dynamic positioning (DP), AI and machine learning technologies.
North Star chief strategy officer Fraser Dobbie said: “We have a 40-year track record of reliable marine operations, 15 years of DP experience operating close to clients’ assets, and proven expertise in overseeing numerous concurrent shipbuilding projects.
“Raising this level of corporate funding from the bank and other investors, as well as the ongoing backing of Partners Group, provides us with the means to continue to add to our growing vessel fleet and supports our ambition to be a leading player in the European SOV market.
“The £140m 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.”