Office Address
123/A, Miranda City Likaoli Prikano, Dope
Phone Number
+0989 7876 9865 9
+(090) 8765 86543 85
Email Address
info@example.com
example.mail@hum.com
123/A, Miranda City Likaoli Prikano, Dope
+0989 7876 9865 9
+(090) 8765 86543 85
info@example.com
example.mail@hum.com
North Star has secured debt investment of up to £425m to accelerate its
ambition to become the leading player in Europe’s offshore wind sector and add
40 hybrid service operation vessels (SOVs) to its fleet by 2040.
The financial package of £225m includes term facilities from existing
lender IFM Investors 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 £200m in
funding, enabling the firm the flexibility to upsize as required. RBC Capital
Markets performed the lead advisory role in support of the transaction.
Now owned by Partners Group, North Star has bases in Aberdeen, Lowestoft,
Newcastle and Hamburg, operating 41 multi-purpose ships in the North Sea. It
also has three of four new build SOVs in operation at the Dogger Bank Wind
Farm, with the final asset on schedule for early delivery next year.
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A further four new builds are underway – an SOV for EnBW's 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.
North Star's chief financial officer Fraser Dobbie commented: “This
£425m strategic investment highlights the attraction of our robust business
model and ESG transition journey as we push to become the leading player in
Europe’s SOV sector.
“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. “For potential clients, this committed debt package provides certainty
on our ability to deliver vessels as outlined in our tender bids, financially
de-risking the process completely."
North Star has been operating for 137 years
and employs a workforce which includes 1,400 onshore personnel and seafaring
crew.
