EuropeFinance and InsuranceOffshoreRenewables

BW Ideol lines up project development funds 

BW Group’s floating wind company, BW Ideol, has entered into exclusive negotiations with French state-owned financier ADEME Investissement for €40m ($43m) funding to support project development activities.
 
Under the agreement terms, BW Ideol will transfer its co-development project portfolio to a newly created subsidiary, DevCo, subject to approval of project partners and tendering authorities. Initial €16.7 would be paid at first closing by ADEME Investissement, and subsequent capital injections would be based on project funding calls with a co-financing at equal share between BW Ideol and ADEME.

Following the first closing, BW Ideol will own 76.6% of DevCo, with ADEME Investissement set to increase its holding over time as further projects are matured and financed. When all funding calls are completed, each of ADEME Investissement and BW Ideol will have invested €40m each in DevCo.

ADEME Investissement has been granted a two-month period of exclusivity for the transaction, with a target to complete the first closing by the end of Q2 2023. BW Ideol will retain full ownership of its other business activities and assets.

In addition to the agreement with ADEME Investissement, BW Ideol has agreed a €12m shareholder loan with 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 Paul de la Guérivière, CEO of BW Ideol.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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