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Floating wind player BW Ideol to spin-out DevCo after landing like-for-like French state funds

Sector pioneer wins $43m via government 'innovative infrastructure project' fund, as industrialisation of international deepwater plays pick up pace

BW Ideol CEO Paul de la Guiriviere
BW Ideol CEO Paul de la GuiriviereFoto: Milie Del/Recharge
Floating energy technology combine BW Ideol has landed €40m ($43m) in French state funding to spin-off a development company (DevCo) for upcoming deepwater wind project construction.

The finance, via Ademe Investissement, a €400m government fund for “innovative infrastructure projects”, will be channelled into the DevCo’s portfolio of BW Ideol’s current co-developments, with an initial €16.7m paid at closing and follow-on capital injections totalling €23.3m for upcoming project funding calls.

The DevCo is expected to have a post-money valuation of around €72m, with BW Ideol holding 76.6% ownership of the company and Ademe the remaining 23.4%. All funding calls complete, the two are expected to have invested €40m in the DevCo.

Under the deal with Ademe, BW Ideol will retain full ownership of its ‘damping pool’ floating foundation technology and connected intellectual property and know-how portfolios, as well its EPCI business and its contract with the North Sea Port of Ardersier in Scotland for a future platform fabrication line.

Also outside the terms of the agreement with Ademe are BW Ideol’s Floatgen pilot unit, running for several years off France, and its share in the ownership of the 30MW EolMed demonstrator being built in the Mediterranean.

Ademe has a two-month period of exclusivity for the transaction, with a target to complete first closing in the second quarter, subject to final negotiations

Along with the agreement with Ademe, BW Ideal today (Wednesday) signed a €12m shareholder loan with parent BW Offshore and Noria.

“With these two transactions, we expect to be fully funded to execute our business plan for the next 12 months, with no dilution on existing shareholders,” said BW Ideol CEO Paul de la Guérivière.

An EDF Renewables and the Maple Power joint venture between Canada’s Enbridge and CPP Investments last May signed an agreement with BW Ideol to cooperate on the foundations design for units for France’s upcoming floating wind tender.

The BW Ideol platform is also in the frame for a multi-gigawatt pipeline of international floating wind projects, including off Japan, where it has installed its 3MW Hibiki pilot unit, the US and Scotland, where it is building the 1GW Buchan project as part of the Floating Wind Allyance.
The ‘Offshore Wind Pact’ signed by Paris with key industry players in March 2022 includes a government target of having 20GW of allocated capacity in 2030 as a mileston on the road to 18GW by 2035 and of 40GW by 2050.
Consultancy DNV calculates floating projects currently make up over 15% of the total offshore wind deployment in the pipeline for switch-on by mid-century, equal to some 264GW of the 1,750GW slated to be installed.
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Published 22 March 2023, 13:38Updated 22 March 2023, 13:40
BW IdeolBW OffshoreFranceEuropeOffshore wind