New joint offshore floating wind development company

Wind Energy – Floating Wind

BW Ideol and ADEME Investissement, a state-owned French financier of innovative infrastructure projects, have today entered into a final agreement for a EUR 40 million funding by ADEME Investissement of BW Ideol’s project development 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 EUR 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 EUR 40 million in the development company.

The first financial closing of the transaction remains subject to the completion of the Reorganisation 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.

Original Source: https://ocean-energyresources.com/2023/07/06/new-joint-offshore-floating-wind-development-company/