BW Ideol and ADEME Investissement to create joint offshore floating wind development company
Published by Jessica Casey,
Editor
Energy Global,
BW Ideol, a global leader in offshore floating wind, and ADEME Investissement, a state-owned French financier of innovative infrastructure projects, have entered into a final agreement for a €40 million funding by ADEME Investissement of BW Ideol's project de-velopment activities.
Under the agreement, BW Ideol will transfer its co-development project portfolio to the project development company, BW Ideol Projects Company SAS (the reorganisation), and ADEME Investissement will invest an initial €17.85 million paid at the first financial closing date planned in September 2023. Subsequent capital injections will be based on project funding calls with a co-financing at equal share between BW Ideol and ADEME Investissement. When all funding calls are completed, each of ADEME Investissement and BW Ideol will have invested €40 million in the development company.
The first financial closing of the transaction remains subject to the completion of the re-organisation and in particular the approval by Crown Estate Scotland of the transfer of the ownership of BW Ideol’s share in Buchan offshore wind to BW Ideol Projects Company.
Following first closing, BW Ideol will own 75.8% of BW Ideol Projects Company, representing a post-money valuation of BW Ideol Projects Company of approximately €74 mil-lion. ADEME Investissement will increase its holding over time as further projects are matured and financed. BW Ideol will manage the development company through a service agreement.
BW Ideol retains full ownership of its other business activities and assets, including technology and related IP and know-how portfolio, the floater EPCI business line and the exclusivity with the Port of Ardersier in Scotland for a floater production line, the Floatgen demonstrator, and the ownership in the EolMed offshore floating wind farm pilot. BW Ideol will also retain all its teams, including engineering, business development, project execution, supply chain, legal, innovation, finance.
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Read the article online at: https://www.energyglobal.com/wind/06072023/bw-ideol-and-ademe-investissement-to-create-joint-offshore-floating-wind-development-company/
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