BW Ideol will hold 51% of the new entity, with JERA and ADEME Investissement holding 24.5% each
BW Ideol, JERA and ADEME Investissement sign an investment agreement for the financing of offshore floating wind projects. (Credit: BW Ideol)
BW Ideol AS has executed an investment agreement with JERA, Japan’s largest utility company, and ADEME Investissement, a French State-owned investment company aiming at financing innovative infrastructure projects funded by the Investment for the Future Program, to create an investment company for financing the co-development of offshore wind projects using BW Ideol’s patented Damping Pool technology over the next 5 years.
BW Ideol will hold 51% of the new entity, with JERA and ADEME Investissement holding 24.5% each. The final agreement is in line with the Key Terms signed by the three parties in 2020.
“We are honoured to have signed the investment agreement with JERA and ADEME Investissement. This agreement materialises our solid relationship with JERA, Japan’s largest utility company and an established player in offshore wind developments especially in Japan and Asia. We are also pleased to further consolidate our relationship with the Investment for the Future Program (sponsor of ADEME Investissement) which has been a partner of BW Ideol in the financing of its Floatgen demonstrator. This 3-party collaboration reflects our joint ambition to fully capitalise on the opportunities created by the rapidly growing offshore floating wind market by leveraging BW Ideol’s growth strategy track as co-developer of floating wind projects based on our unique floating foundation technology” said Paul de la Guérivière, the CEO of BW Ideol.
JERA Managing Executive Officer Satoshi Yajima said “Floating offshore wind has a large energy potential and is expected to play a significant role in expanding the introduction of renewable energy in the future. We believe this agreement between the three companies will accelerate the development of floating offshore wind and open up the possibility of using offshore energy in Japan and other areas with limited potential for fixed-bottom offshore wind”.
“We do believe that floating offshore wind is on its way to confirm its potential and become a substantial contributor to achieving future climate goals. This partnership aims at financing first commercial scale projects and at supporting BW Ideol’s technology as both will contribute to accelerate the competitiveness of floating offshore wind” comments Arnaud Leroy (CEO of ADEME, itself President of ADEME Investissement)
Source: Company Press Release