North Star bolsters offshore wind position with £425m investment

North Star bolsters offshore wind position with £425m investment

Aberdeen-headquartered offshore support vessel operator North Star has secured a £425 million debt investment to solidify its position in the offshore wind sector.

The funding will accelerate the company’s ambitious plan to add 40 hybrid service operation vessels (SOVs) to its fleet by 2040.

The investment package, combining term facilities from existing lender IFM Investors and working capital resources from various banks, showcases confidence in North Star’s robust business model and commitment to sustainable energy transition. The company, owned by Partners Group, currently operates 41 vessels in the North Sea and has several SOVs under construction to service major offshore wind projects.

Fraser Dobbie, North Star’s CFO, commented: “This £425m strategic investment highlights the attraction of our robust business model and ESG transition journey as we push to become the leading player in Europe’s SOV sector.

“The infusion of capital from a combination of institutional and bank investors secures access to the capital required to support our continued growth, and provides validation from the lender market of the excellent progress we have made on our strategic journey to build our business for sustainable, long-term success in the offshore wind market.

“For potential clients, this committed debt package provides certainty on our ability to deliver vessels as outlined in our tender bids, financially de-risking the process completely.

“This provides us with a competitive edge and a superior ability to turnaround high quality SOV newbuild programmes more rapidly, ensuring the best value and service in the industry.”

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