North Star raises £140m investment to build next wave of renewables fleet, including £50m from Scottish National Investment Bank
North Star has secured a £140million financing package to support the next phase of its ambitious offshore wind growth plan as it looks to broaden its position as the UK’s leading service operations vessel (SOV) operator and seize new opportunities in Europe.
The investment includes a £50 million commitment from the Scottish National Investment Bank (The Bank), as well as IFM Investors, Edmond de Rothschild’s BRIDGE, and RBC Capital Markets.
The Bank’s 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 by addressing recognised demand for SOVs and commissioning service operations vessels (CSOVs).
North Star, which is owned by Partners Group, a leading global private markets firm acting on behalf of its clients, has bases in Aberdeen, Lowestoft and Newcastle, and has been operating in the North Sea for 135 years.
Its 1,300-strong workforce currently manage and operate 42 offshore support vessels providing critical safety services to over 50 UK Continental Shelf installations 24hrs a day, all year round.
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 £127million 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.