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UK OSV owner and operator North Star has secured £425m ($544m) in financing to speed up its ambition to add 40 offshore wind vessels to its fleet by 2040.
The committed financial package of £225m includes term facilities from existing lender, IFM Investors, and committed capex and working capital resources from banks including ABN AMRO, AIB, NAB, Royal Bank of Scotland and RBC.
The facilities also have accordion capacity, allowing a further £200m in funding, allowing the firm to upsize as required, removing financial risk and streamlining new business opportunities in the offshore wind sector.
The Partners Group-owned North Star has bases in Aberdeen, Lowestoft, Newcastle, and Hamburg, and operates 41 multipurpose ships in the North Sea.
In addition, it also has three of four newbuild SOVs in operation at the Dogger Bank wind farm with the final asset on schedule for early delivery next year. The firm has a further four newbuilds underway – an SOV for EnBW’s He Dreiht wind farm in Germany, another for Siemens Gamesa Renewable Energy at the East Anglia Three project, and its first two larger commissioning SOVs to further support its offshore wind clients.
“The infusion of capital from a combination of institutional and bank investors secures access to the capital required to support our continued growth, and provides validation from the lender market of the excellent progress we have made on our strategic journey to build our business for sustainable, long-term success in the offshore wind market,” said Fraser Dobbie, North Star chief financial officer. |
