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Matthew Gordon CEO of North Star RenewablesNorth Star Renewables has finalised a funding package of £96 million to build its new renewables vessel fleet.
The secured loan from financial services organisation Allianz Global Investors (AllianzGI), supplements North Star’s own balance sheet and equity commitments from its 100% shareholder, Basalt Infrastructure Partners, to fund the build of three new Service Operations Vessels (SOVs), which will be delivered to the Dogger Bank offshore wind farm on long term contracts of 10 years firm plus options. The first of North Star’s SOVs are scheduled to arrive at Port of Tyne in Summer 2023.
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