North Star has acquired a GBP 275 million (EUR 321 million) debt financing package to expand its offshore wind fleet. This financing fully covers current shipbuilding commitments and offers extra capital for future vessel acquisitions and newbuild ventures, as stated by North Star.
New lenders joining the financing include Rabobank, LBBW, and KfW IPEX-Bank, while existing lenders RBS, AIB, Scottish National Investment Bank, and RBC have boosted their commitments. RBC Capital Markets served as lead adviser on the transaction.
“For our clients, this package enhances certainty on our ability to deliver vessels during the tendering process, especially as competition intensifies. Confidence in our balance sheet is now as crucial as our reputation for high-performance SOVs and experienced crews,” said Fraser Dobbie, North Star’s chief financial officer.
The financing follows North Star’s acquisition of four service operation vessels (SOVs) from Edda Wind in April 2026.
This deal added Goelo Enabler, Boreas Enabler, Nordri Enabler, and Sudri Enabler to North Star’s fleet, including their existing charter contracts. The vessels were already active in offshore wind projects at acquisition time.
Following this acquisition, North Star’s offshore wind fleet expanded to 14 vessels.
North Star aims to increase its fleet to 40 SOVs by 2040. Since entering the offshore wind market in 2021, the company has invested over GBP 750 million (EUR 876 million) in its SOV fleet and secured long-term contracts for projects including Dogger Bank, alongside agreements with RWE, EnBW, and Siemens Gamesa Renewable Energy.
The company also secured GBP 425 million (EUR 496 million) in debt financing in 2024 to support the growth of its European SOV fleet.
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