BW Ideol closes on France-backed floating offshore wind project development spin-off

Floating wind specialist BW Ideol and French state-owned investment firm Ademe Investissement have reached the first financial close on their joint project development company.

Ademe has invested an initial €17.88 million in BW Ideol Projects Company, taking a 24.19% share in the company, while BW Ideol owns 75.81%.

Ademe will increase its holding over time as it gradually invests €40 million in the company

Under the final agreement, BW Ideol will retain full ownership of its other business activities and assets – including its ‘damping pool’ floating offshore wind technology and connected intellectual property, its engineering-procurement-construction-installation business, its 2MW Floatgen demonstration project, and stake in the 30MW EolMed (Le Gruissan) project.