BW Group’s floating wind company, BW Ideol, will spin off its project development activities into a new company backed by up to €40m from French state-owned financier ADEME Investissement.
The deal will see BW Ideol transfer its co-development project portfolio to BW Ideol Projects Company with ADEME initially investing €17,85m. Subsequent capital injections will be based on project funding calls with a co-financing at equal share between BW Ideol and ADEME and when all funding calls are completed, each company will have invested €40m in the joint offshore floating wind developer.
The first financial closing, planned in September, is subject to among other things the approval by Crown Estate Scotland of the transfer of the ownership of BW Ideol’s share in the Buchan offshore wind project, jointly developed with Germany’s BayWa and Belgium’s Elicio.
BW Ideol will initially own 75.8% of the spinoff, while ADEME is expected to increase its holding over time as further projects are matured and financed.
BW Ideol will retain 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. The company will also retain its engineering, business development, project execution, supply chain, legal, innovation and finance.
