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Floating Offshore Wind Turbines: BW Ideol and Ademe Investissement Create Joint Venture

La Ciotat, France - BW Ideol, a French company active in the floating offshore sector, and Ademe Investissement, the French state-owned financier of innovative infrastructure projects, are creating a joint venture company to develop floating offshore wind turbines.

A final agreement between the two companies on Ademe Investissement's financial participation has now been reached. The announcement was made by BW Ideol, which is one of the world's leading players in the floating offshore wind power market segment.

Ademe Investissement will invest an initial amount of €17.85 million, to be paid at the first financial closing in September 2023. Subsequent capital injections are to be made in equal parts by BW Ideol and Ademe Investissement. When all funding calls are completed, Ademe Investissement and BW Ideol will each have invested €40 million in the development company. BW Ideol will transfer its co-development project portfolio to the project development company BW Ideol Projects Company SAS as part of the joint venture.

The initial financial closing of the transaction is subject to the completion of the restructuring and, in particular, Crown Estate Scotland's approval of the transfer of BW Ideol's interest in Buchan Offshore Wind to BW Ideol Projects Company.

Following the initial closing, BW Ideol will own 75.8 percent of BW Ideol Projects Company, representing a post-money valuation of BW Ideol Projects Company of approximately €74 million. Ademe Investissement intends to increase its stake over time as additional projects mature and are financed.

BW Ideol emphasizes that it retains full ownership of its other business activities and assets. This applies including the technology and related composite and know-how portfolio, the floater EPCI business and the exclusivity with the Port of Ardersier in Scotland for a floater production line. BW Ideol will also retain ownership of the floatgen demonstrator and the EolMed floating offshore wind farm pilot project. BW Ideol will also retain all of its teams, including engineering, business development, project execution, supply chain, legal, innovation and finance.



Source: IWR Online, 11 Jul 2023