Oil and gas production service provider BW Offshore has signed a €60m share purchase agreement to become a strategic owner of floating wind developer Ideol.
Under the arrangement, Ideol will become a wholly owned subsidiary of a new entity named BW Ideol, as a globally leading fully integrated developer of large-scale floating offshore wind projects.
BW Offshore expects to hold approximately 50% of the shares outstanding in BW Ideol post the contemplated capital raise and listing.
The transaction and listing are expected to close in the first quarter of 2021,
BW Ideol will have clear strategic targets; growth as a technology and EPC services provider, expanding and maturing a significant portfolio of development projects and becoming a long-term asset owner and operator.
The investment is expected to create a renewable energy company with market-leading capabilities based on in-house developed and proven technology.
This will be supported by BW Offshore’s extensive experience from development and operation of offshore energy production systems.
Ideol is a leading provider of floating foundations for offshore wind with more than 10 years of experience from engineering and supporting floating offshore wind projects from conception to installation.
The company has over 60 employees, of which 90% are engineers covering the disciplines required for floating offshore wind technology and project development.
The company has installed two full-scale demonstration wind turbines based on its patented floater design and is currently building up a sizeable pipeline of projects as co-developer in Japan, Europe and the US.
Ideol is a privately held company, based in La Ciotat, France.
BW Offshore chief executive Marco Beenen said: “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 chief executive Paul Dupin de la Guérivière added: “Our established position in floater design and engineering, coupled with BW Offshore’s track-record of project development and deep-water expertise, provides a strong platform for accelerated growth as a leader in floating offshore wind technology and growing developer of offshore renewable energy projects.”