North Star has secured a £140 million financing package to support its offshore wind growth plan.

The investment includes a £50m commitment from the Scottish National Investment Bank (The Bank), as well as IFM Investors, Edmond de Rothschild’s BRIDGE, and RBC Capital Markets.

Jimmy Williamson, Scottish National Investment Bank executive director said: “The Bank is catalysing support for Scotland’s offshore wind supply chain by enabling companies like North Star to increase focus on providing vital services for offshore wind farms and in supporting their transition to net zero.”

North Star, which is owned by the Swiss-based company Partners Group, a global private markets firm, has bases in Aberdeen, Lowestoft and Newcastle, and has been operating in the North Sea for 135 years.

Its 1,300-strong workforce currently manage and operate 42 offshore support vessels providing safety services to more than 50 UK Continental Shelf installations.

The firm entered the offshore wind market last year after winning all four long-term charter service operations vessel (SOV) awards for the highly competitive Dogger Bank Wind Farm. 

These four vessels will be delivered from 2023, financed by a £127 million project facility secured from Allianz Global Investors last year. SOVs provide accommodation for wind technicians and access to equipment while working in the field. 

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North Star’s ships utilise hybrid-power, dynamic positioning (DP), AI and machine learning technologies.

The investments in the project align with Scotland’s net zero ambitions, allowing continued expansion of offshore wind projects in the North Sea. 

Kevin Gilhawley, member of management, private infrastructure Europe, Partners Group, said: “Offshore wind forms part of our thematic focus on decarbonization and we see mission-critical infrastructure support services, such as those provided by North Star, as a high growth subsector.”

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