Aberdeen-based North Star Renewables has secured a loan of £96m ($131m) from Allianz Global Investors to fund the build of three new service operations vessels (SOVs), which will be delivered to the Dogger Bank offshore wind farm on long term contracts of 10 years firm plus options.
The deal represents AllianzGI’s first investment in the SOV sector. The first of North Star’s SOVs is scheduled to arrive at Port of Tyne in summer 2023.
North Star CEO, Matthew Gordon, said: “This investment from AllianzGI is a first for our industry and attracting project finance from such a well-respected, global investor demonstrates the confidence in our capabilities to deliver and operate our new SOVs which have been a transformational step for the company in terms of our energy transition.”
North Star Renewables landed a Dogger Bank contract worth an estimated £270m ($376m) in March this year. The SOV trio, which will be built by Vard, will support operations at the 3.6 GW giant currently under construction by joint venture partners SSE Renewables, Equinor and Eni.