UK offshore support vessel owner and operator North Star has secured a £140m ($170.5m) 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 Partners Group-owned North Star currently operates 42 OSVs covering over 50 UK Continental Shelf installations. The firm entered the offshore wind market last year after winning all four long-term charter SOV awards for the Dogger Bank offshore wind farm in the North Sea. These four vessels will be delivered starting in 2023, financed by a £127m project facility secured from Allianz Global Investors last year.
North Star chief strategy officer Fraser Dobbie said: “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,” he added.
The deal was supported by an advisory team including RBC Capital Markets, Allen & Overy, Clifford Chance, Blackwood Partners, Shepherd & Wedderburn and PwC.
