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BW Ideol and Ademe Investissement, a state-owned French financier of infrastructure projects, have entered into a final agreement for a € 40 million funding by Ademe Investissement of BW Ideol's project development activities.
Under the agreement, BW Ideol will transfer its co-development project portfolio to the project development company BW Ideol Projects Company SAS (the "Reorganisation") and Ademe Investissement will invest an initial € 17,85 million paid at the first financial closing date planned for September 2023. Subsequent capital injections will be based on project funding calls with co-financing at an equal share between BW Ideol and Ademe Investissement. When all funding calls are completed, both Ademe Investissement and BW Ideol will have invested € 40 million in the development company. The first financial closing of the transaction remains subject to the completion of the Reorganisation and, in particular, the approval by Crown Estate Scotland of the transfer of ownership of BW Ideol’s share in Buchan Offshore Wind to BW Ideol Projects Company.
Following the first closing, BW Ideol will own 75.8% of BW Ideol Projects Company, representing a post-money valuation of around € 74 million. Ademe Investissement will increase its holding over time as further projects mature and are financed. BW Ideol will manage the development company through a service agreement.
BW Ideol retains full ownership of its other business activities and assets, including technology and related IP and know-how portfolio, the floater EPCI business line, exclusivity with the Port of Ardersier in Scotland for a floater production line, the Floatgen demonstrator, and ownership in the EolMed offshore floating wind farm pilot. BW Ideol will also retain all its teams, including engineering, business development, project execution, supply chain, legal, innovation, and finance.