Photo credit: North Star

Scotland-based North Star, an OSV owner and operator, has secured a £140million financing package to support the next phase of its offshore wind growth plan. With this investment, the company looks to broaden its position in the UK as a service operations vessel operator, and seize new opportunities in Europe.

As the company notes, the investment includes a £50million commitment from the Scottish National Investment 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 expansion of offshore wind projects in the North Sea, the company says in a release.

North Star, owned by Partners Group, has been operating in the North Sea for 135 years.

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.

The deal was supported by an advisory team, including RBC Capital Markets, Allen & Overy, Clifford Chance, Blackwood Partners, Shepherd & Wedderburn and PwC.

Source: North Star