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North Star strengthens offshore wind position with £425m investment
Aberdeen-based offshore support vessel operator North Star has secured a £425m 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 operating vessels (SOVs) to its fleet by 2040.
The investment package, which combines term facilities from existing lender IFM Investors and working capital resources from multiple banks, demonstrates confidence in North Star’s robust business model and commitment to the 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 large offshore wind projects.
Fraser DobbieCFO of North Star, commented: “This £425m strategic investment highlights the attraction of our robust business model and ESG transition journey as we strive to become the leading player in Europe’s SOV sector.
“The infusion of capital from a combination of institutional and banking investors ensures access to the capital needed to support our continued growth and provides lender market validation of the excellent progress we have made on our strategic journey to build our business sustainably, long-term success in the offshore wind market.
“For potential customers, this committed debt package provides certainty about our ability to deliver ships as outlined in our tender proposals, completely reducing the financial risk of the process.
“This gives us a competitive advantage and a superior ability to execute high-quality SOV programs for new construction faster, ensuring industry-leading value and service.”