Scotland’s North Star has secured a £140m ($171m) financing package to support European expansion of its offshore wind fleet that includes plans to build 40 ships by 2040.
The offshore vessel owner said 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 company entered the offshore wind market last year after winning all four long-term charter service operations vessel (SOV) awards for Dogger Bank wind farm off northeast England. The vessels, to be delivered from 2023, are financed by a £127m project facility secured from Allianz Global Investors.
SOVs provide accommodation for wind technicians and access to equipment.
North Star chief strategy officer Fraser Dobbie said: “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.”
The Scottish National Investment Bank said its 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.
North Star, which is owned by Partners Group, a global private markets firm, has bases in Aberdeen, Lowestoft and Newcastle, and has been operating in the North Sea for 135 years.
Its 1,300-strong workforce manages and operates 42 offshore support vessels.
Dobbie said raising the corporate funding, as well as the backing of Partners Group, gives it the means to continue adding to its fleet and supports its ambition to be a leading player in the European SOV market.
Dogger Bank is being built in three consecutive 1.2 GW phases. It is expected to generate enough electricity to supply 5% of the UK’s demand, equivalent to powering 6m homes.
