en.Wedoany.com Reported - North Star has secured a £275 million (approximately €321 million) debt financing package to support the expansion of its offshore wind fleet. The company stated that this financing fully covers existing shipbuilding commitments and reserves additional funds for future vessel acquisitions and newbuild projects.
The financing adds new lenders including Rabobank, Germany's Landesbank Baden-Württemberg (LBBW), and KfW IPEX-Bank, while existing lenders Royal Bank of Scotland (RBS), Allied Irish Banks (AIB), Scottish National Investment Bank, and Royal Bank of Canada (RBC) have expanded their commitments. RBC Capital Markets served as lead advisor on the transaction.
Fraser Dobbie, Chief Financial Officer of North Star, said: "For our customers, this package provides further assurance of our ability to deliver vessels we have committed to during tender processes, which is becoming increasingly important as competition for offshore wind contracts intensifies. Confidence in our balance sheet is now part of our story, just like the reputation we enjoy for our high-performance Service Operation Vessels (SOVs) and experienced crew."
The financing follows the company's completion of the acquisition of four Service Operation Vessels (SOVs) from Edda Wind in April 2026. The transaction brought Goelo Enabler, Boreas Enabler, Nordri Enabler, and Sudri Enabler, along with their existing charter contracts, into the North Star fleet, with all vessels already deployed in offshore wind projects at the time of acquisition. Following the acquisition, North Star's offshore wind fleet grew to 14 vessels.
The company aims to expand its fleet to 40 SOVs by 2040. According to its August 3 disclosure, since entering the offshore wind market in 2021, the company has committed over £750 million (approximately €876 million) to its SOV fleet and has secured long-term contracts including the Dogger Bank project, as well as charter agreements with RWE, EnBW, and Siemens Gamesa Renewable Energy. The company also secured £425 million (approximately €496 million) in debt financing in 2024 to support the growth of its European SOV fleet.
