North Star has secured further debt investment of up to £425 million to accelerate its ambition to add 40 hybrid service operation vessels (SOVs) to its fleet by 2040.
The committed financial package of £225 million includes term facilities from existing lender, IFM Investors, and committed capital expenditure and working capital resources from banks including ABN AMRO (sustainability co-ordinator), AIB, NAB, Royal Bank of Scotland, and RBC (sustainability structuring advisor). The facilities also have accordion capacity allowing a further £200 million in funding, enabling the firm the flexibility to upsize as required, removing financial risk and streamlining new business opportunities in the offshore wind sector. RBC Capital Markets performed the lead advisory role in support of the transaction.
North Star, owned by Partners Group (a leading global private markets firm acting on behalf of its clients), has bases in Aberdeen, Lowestoft, Newcastle, and Hamburg, and operates 41 multi-purpose ships in the North Sea. In addition, it 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.
