North Star has secured a GBP 275 million debt financing package, equivalent to approximately EUR 321 million, to support the expansion of its offshore wind fleet and fully cover its existing shipbuilding commitments.
The financing includes new participation from Rabobank, LBBW and KfW IPEX-Bank. Existing lenders RBS, AIB, Scottish National Investment Bank and RBC have also increased their commitments.
RBC Capital Markets served as lead adviser on the transaction.
Fraser Dobbie, chief financial officer at North Star, said the package gives clients additional certainty over the company’s ability to deliver vessels committed during tender processes as competition for offshore wind contracts increases.
The financing follows North Star’s acquisition of four service operation vessels from Edda Wind, completed in April 2026.
The transaction added Goelo Enabler, Boreas Enabler, Nordri Enabler and Sudri Enabler to the fleet, along with their existing charter contracts. The four vessels were already deployed on offshore wind projects when the acquisition was completed.
Following the transaction, North Star’s offshore wind fleet increased to 14 vessels.
The company aims to expand its fleet to 40 SOVs by 2040. On 3 August, North Star said it had committed more than GBP 750 million, around EUR 876 million, to its SOV fleet since entering the offshore wind market in 2021.
Its long-term contracts include work on Dogger Bank, as well as charter agreements with RWE, EnBW and Siemens Gamesa Renewable Energy.
In 2024, North Star secured a separate GBP 425 million financing package, equivalent to around EUR 496 million, to support the growth of its European SOV fleet.
