North Star secures £275 million financing

As the business prepares for its next phase of growth across the UK and Europe, the new investment demonstrates investor confidence in the world's largest operator of service operation vessels (SOVs), following its recent acquisition of four SOVs from Edda Wind. The commitments secured cover existing shipbuilding commitments in full and provides additional capital for further acquisitions and newbuild activity.

The package is structured across sterling and euro tranches, reflecting North Star’s revenue base in both currencies. North Star’s lending group now includes new participants Rabobank, KfW IPEX-Bank, and LBBW, with increased commitments also secured from existing lenders RBS, AIB, Scottish National Investment Bank, and RBC. The confidence shown in North Star from existing and new lenders providers further credibility to the company’s ambitious plans for continued growth. RBC Capital Markets acted as lead advisor on the transaction.

Fraser Dobbie, North Star Chief Financial Officer, said: “This deal reflects the scale we've built and the path we are on. As the business has grown, so too has our ability to attract new lenders and secure better pricing and terms, a dynamic that keeps reinforcing itself. Rabobank, LBBW, and KfW IPEX-Bank are exactly the calibre of new partner we want, alongside the banks and institutions that have backed us for years.

“For our clients, this package means further certainty on our ability to deliver the vessels we commit to during the tendering process, which matters more as competition for offshore wind contracts intensifies. Confidence in our balance sheet is now as much a part of our story as our reputation for high-performance SOVs and experienced crews.

North Star CEO, Gitte Gard Talmo added: “Having established the company as the world’s leading SOV and ERRV owner and operator, we are now looking to build on our operating and financing capabilities to consider what other offshore maritime markets could demonstrate the right balance of risk and return to our investors.”

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global’s Summer 2026 issue

The Summer issue of 2026 is out now! The new issue starts with a regional report on Latin America and the Caribbean, considering the benefits and challenges of renewable energy development in the region. The issue also covers topics such as lubricants, digitalisation, the importance of ports, battery storage technology, and more! With contributors from industry leaders including ABB, WindEurope, Sungrow, among others, this is an issue not to miss.

Read the article online at: https://www.energyglobal.com/wind/03082026/north-star-secures-275-million-financing/