North Star secures $370m to fuel offshore wind fleet growth

North Star UK-based offshore vessel operator North Star has lined up £275m ($370m) of new debt financing to back the next phase of expansion in its offshore wind fleet across the UK and Europe. The package adds to existing commitments, widens the lender group, and improves overall financing terms. New participants in the lending syndicate include Rabobank, KfW IPEX-Bank, and LBBW, while existing lenders RBS, AIB, Scottish National Investment Bank, and RBC have increased their commitments. RBC Capital Markets acted as lead adviser on the deal. The funding comes after North Star’s acquisition of four SOVs from Edda Wind earlier this year and is designed to fully cover its current shipbuilding programme while leaving room for further acquisitions and newbuilds. “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,” said Fraser Dobbie, CFO of North Star. Its fleet stood at 14 vessels after the Edda Wind acquisition. The company has stated that it aims to expand to 40 SOVs by 2040. “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,” said Gitte Gard Talmo, CEO of North Star. Follow Us Bojan Lepic Bojan is an English language professor turned journalist with years of experience covering the energy industry with a focus on the oil, gas, and LNG industries as well as reporting on the rise of the energy transition. Previously, he had written for Navingo media group titles including Offshore Energy Today and LNG World News. Before joining Splash, Bojan worked as an editor for Rigzone online magazine. Newsletter DAILY SPLASH NEWSLETTER Subscribe now for FREE daily news updates. Subscribe Read Next August 3, 2026 Ditas doubles down on suezmaxes with Samsung brace August 3, 2026 Costamare Bulkers offloads its oldest ship August 3, 2026 BP exit puts fresh pressure on UK over Jackdaw and Rosebank August 3, 2026 Navigator Amon seals financing for ammonia carrier newbuilds August 3, 2026 Tanker asset values stay red hot Back to top button