BW Ideol has raised Nkr575m (€57m) through a private placement of new shares, with the proceeds to be used predominantly to fund its floating wind project pipeline, for working capital requirements and for general corporate purposes.
The placement consisted of 10,638,298 new shares at Nkr47 per share and an over-allotment of 1,595,745 shares.
The company said that the issuance attracted strong interest from domestic and international investors, including several specialist renewable energy investors.
Kerogen Energy Fund 2 and BW Offshore, through its wholly owned subsidiary BW Offshore Holding, pre-subscribed for and were allocated 2,510,638 shares and 2,127,559 shares, respectively.
Noria, a France-based family investment structure focusing on climate preservation and long-term development of renewable energy infrastructure was allocated 2,150,000 shares.
The shares are expected to be listed on Euronext Growth Oslo, a multilateral trading facility, on or about 18 March.
BW Ideol was formed when Norwegian company BW Offshore became strategic owner of floating offshore wind pioneer Ideol.