North Star has completed a £275 million debt financing package to support the continued expansion of its offshore wind business across the UK and Europe.
The funding covers the company’s existing shipbuilding commitments in full while providing additional capital for future vessel acquisitions and newbuild projects. The financing follows North Star’s acquisition of four service operation vessels (SOVs) from Edda Wind, strengthening its position as the world’s largest SOV operator.
The financing package includes sterling and euro-denominated facilities, reflecting the company’s revenue streams in both currencies. North Star has also expanded its lending group with the addition of Rabobank, KfW IPEX-Bank and LBBW, while existing lenders RBS, AIB, Scottish National Investment Bank and RBC increased their commitments.
Chief Financial Officer Fraser Dobbie said the financing strengthens the company’s balance sheet and provides greater certainty for customers as competition for offshore wind contracts continues to increase.
Since entering the offshore wind market in 2021, North Star has invested more than £750 million in its SOV fleet and secured long-term contracts supporting projects for Dogger Bank, RWE, EnBW and Siemens Gamesa Renewable Energy.
Following the Edda Wind acquisition completed in April 2026, North Star now operates a fleet of 14 offshore wind SOVs as it works toward its long-term target of 40 vessels by 2040.
Backed by private markets investment firm Partners Group, North Star employs around 1,700 people and operates from bases in Aberdeen, Lowestoft, Newcastle and Hamburg.
