The Bank has invested a further £25 million in integrated offshore infrastructure services company, North Star, to support the expansion of its fleet of service operation vessels (SOVs). The funding is part of a £275 million financing package and will support North Star’s acquisition of four new vessels.
The latest funding from the Bank takes its total amount of capital committed to North Star to £75m. This is the largest investment the Bank has made in a single company to date.
Founded in 1886 to support Scotland’s fishing industry, North Star operates a fleet of vehicles which provide critical infrastructure support to major offshore energy developments across the UK and Europe. Following a successful transition to offshore wind in 2021, the company has invested more than £750 million into a specialist SOV fleet.
Since the Bank’s initial £50 million commitment in 2022, the company has become one of the largest operators of its kind in Europe, securing a major contract to service the Dogger Bank project, which is set to become the world’s largest offshore wind farm upon completion.
The new funding will enable North Star to strengthen its market offer with the acquisition of the new vessels, with additional capital to bring the company closer to its target of 40 SOV ships by 2040.
Headquartered in Aberdeen, the expansion of North Star will support high-quality jobs and strengthen supply chains in the North East as it transitions away from legacy offshore energy sectors.
The investment aligns with the Bank’s net zero mission, removing a key constraint on offshore wind developments through North Star’s infrastructure support services.
Laura Fidao, Investment Director at the Bank, said: “North Star shows how Scotland can lead the world in the energy transition, delivering the critical services required by the offshore wind sector and supporting high-quality jobs and skills pathways in our communities.
“The Bank is proud to support the continued expansion of this market-leading business alongside this wider investment group, helping to develop a sustainable and successful energy transition.”
