BW Ideol and Ademe Investissement, a state-owned French financier of infrastructure projects, have agreed to enter into exclusive negotiations for a € 40 million funding by Ademe Investissement of BW Ideol’s project development activities.
Under the agreed terms, BW Ideol will transfer its co-development project portfolio to a newly created subsidiary DevCo. Ademe Investissement will invest a total of € 40 million in equity into DevCo through capital increases, with an initial € 16.7 million paid at First Closing by Ademe Investissement, and subsequent capital injections based on project funding calls with a co-financing at equal share between BW Ideol and Ademe Investissement.
Following First Closing, BW Ideol will own 76.6% of DevCo. Ademe Investissement is set to increase its holding over time as further projects are matured and financed. Under the agreement, BW Ideol will be responsible for DevCo’s management through a service agreement. When all funding calls are completed, each of Ademe Investissement and BW Ideol will have invested € 40 million each in DevCo.
BW Ideol will retain full ownership of its other business activities and assets, including:
- its technology and related IP and know-how portfolio,
- its floater EPCI business line and the exclusivity with the Port of Ardersier in Scotland for a floater production line,
- the Floatgen demonstrator,
- the ownership in the EolMed project,
- all the teams, including engineering, business development, project execution, supply chain, legal, innovation, finance.