Aug 24 (Renewables Now) – Aberdeen-based North Star Renewables has secured a £ 96million (US $ 131.7million / € 112.2million) loan from Allianz Global Investors (AllianzGI) to finance the construction of three new service operations vessels (SOVs) that will support the Dogger Bank offshore wind farm in the United Kingdom.

The funding is in addition to North Star’s own balance sheet and the equity commitments of its 100% shareholder, Basalt Infrastructure Partners, the company said on Monday.

The vessels will serve the 3.6 GW Dogger Bank offshore wind farm under 10-year long-term contracts plus options, which were announced by Equinor ASA (NYSE: EQNR) earlier this year. The Dogger Bank project, delivered by Equinor, SSE Renewables and Eni SpA (BIT: ENI), is on the way to becoming the largest offshore wind farm in the world.

The first of North Star’s SOVs is expected to arrive in Port of Tyne in the summer of 2023.

For AllianzGI, this is the first investment in the SOV sector. Marie Madelin of AllianzGI said this is in addition to AllianzGI’s growing portfolio of renewable energy and infrastructure assets enabling the energy transition. The capital will support North Star’s transition from a service primarily to the oil and gas industry to a service producing renewable energy, Madelin also said.

“Renewable energy is a rapidly growing market, and with the first trio of our SOVs built and leased in a decade, we are in a very good position to expand our fleet and realize our full potential in this area,†commented Fraser Dobbie. . , director of strategy at North Star.

(1 GBP = 1.372 USD / 1.169 EUR)