Offshore staff
LA CIOTAT, France — Floating offshore wind specialist BW Ideol has entered an agreement with ADEME Investissement that will secure EUR40 million ($43.45 million) of funding for its activities.
This will involve BW Ideol transferring its co-development project portfolio to BW Ideol Projects Co., with ADEME investing an initial EUR17.85 million ($19.39 million) at the first planned financial closing in September 2023.
However, the latter remains subject to the completion of the reorganization and approval from Crown Estate Scotland of the transfer of the ownership of BW Ideol’s share in Buchan Offshore Wind to BW Ideol Projects Co.
On closure, BW Ideol will own 75.8% of BW Ideol Projects Co. Over time, ADEME will increase its holding as further projects are matured and financed.
BW Ideol will manage the development company through a service agreement, and it will retain full ownership of its other business activities and assets, including technology and related IP; its floater EPCI business line and exclusivity with the Port of Ardersier in northern Scotland for a floater production line, the Floatgen demonstrator; and ownership in the EolMed offshore floating wind farm pilot.
Currently the company has two full-scale offshore floating wind turbines in operation in France and Japan and a pipeline of further projects, with support from BW Offshore.
07.06.2023
