North Star Renewables secures $131M loan to build offshore wind farm support vessels

North Star Renewables’ SOVs will bring market leading technology to the offshore wind market and to the 3.6GW Dogger Bank Wind Farm (Courtesy: North Star Renewables)

North Star Renewables has secured a $131 million loan to build a new fleet of offshore wind farm support vessels in the UK.

The company will build three new Service Operations Vessels (SOVs) to be delivered to the Dogger Bank offshore wind farm on long-term contracts. Allianz Global Investors backed the loan, valued at £96 million.

ABERDEEN, SCOTLAND, JUNE 2021: North Star Shipping provides 24/7 support for clients in one of the world’s busiest and most hostile marine environments. They invest in people and vessels and are focused on delivering safety, service and quality across four key areas: offshore support, tanker assist and emergency response and rescue. (Photo: Ross Johnston/Newsline Media)

“This investment from AllianzGI is a first for our industry and attracting project finance from such a well-respected, global investor demonstrates the confidence in our capabilities to deliver and operate our new SOVs which have been a transformational step for the company in terms of our energy transition,” North Star CEO Matthew Gordon said in a statement. “We are highly motivated and driven by our ability to innovate through our technology partners, and our ambition to deliver best-in-class vessel solutions for the offshore wind market in the UK and abroad.”

North Star’s vessels provide accommodations to offshore wind turbine technicians and act as a warehouse for supplies.

The first vessel of the new fleet is expected to be delivered in Summer 2023.

Read more: Europe’s offshore wind to green hydrogen plan won’t work for the US, report finds

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