BW Offshore has sealed a share purchase agreement to become a strategic owner of floating offshore wind solutions firm Ideol.
BW is paying €60m ($72.6m) for a sake of around 50% in the company, which is a provider of floating foundations for offshore wind with more than a decade of experience.
Set to be renamed BW Ideol, the French company has installed two full-scale demonstration wind turbines and is currently building up a sizeable pipeline of projects as co-developer in Japan, Europe and the US.
Marco Beenen, CEO of BW Offshore, commented: “We see solid opportunities for developing offshore power production solutions to drive energy transition at global scale. We are combining our four decades of offshore development, financing and operational experience with Ideol’s proven floating offshore wind technology and expertise. Together we are creating a champion in this emerging market with significant long-term growth and value creation potential.”
Ideol founders and employees will remain shareholders in the firm, and transfer their holdings to BW Ideol which is planning to seek admission to trading on Euronext Growth Oslo by the end of March 2021.
Last year another BW subsidiary invested in Swire Pacific Offshore’s wind farm installation subsidiary.