The EolMed partnership, comprising Qair, Totalenergies and BW Ideol, has made the final investment decision (FID) today for its 30MW offshore floating wind development. The Mediterranean Sea pilot wind farm is set to become one of the first three floating offshore wind farms in France when it is commissioned in mid-2024.
“This is a major milestone for the EolMed project and for BW Ideol. Today’s decision to proceed with the construction and installation of the wind farm that was never challenged by legal recourse, reflects years of planning and preparation. As both project co-developer and provider of the floating technology and the related engineering services, we are delivering on our dual strategy, reinforcing our floating wind market leadership in France and favorably positioning ourselves for the upcoming French Mediterranean floating wind tenders”, said Paul Dupin de la Guérivière, CEO of BW Ideol.
Financing of the wind farm has been arranged with the support of the European Investment Bank, which played a key role in the negotiations and structuring of the non-recourse debt provided by the Banque Postale, BPCE Energeco and BPI France as lenders. Natixis and La Banque Postale acted as hedging banks. The project is also supported by a wide range of national and local organisations and companies.
Eolmed is one of the first floating wind pilot projects in France to be installed 18 km off the coastal town of Gruissan, respecting the coastal landscape and maritime fauna. It comprises three 10MW wind turbines, each mounted on BW Ideol’s patented floating steel foundations and connected to the Electricity Transmission Network (RTE) by an undersea cable. BW Ideol and Qair have cooperated on the project since 2016 with Total joining the development consortium as 20% owner in 2020. BW Ideol became a 5% owner in late 2021.
Please find attached the project press release (French).
About BW Ideol:
BW Ideol is a leading fully integrated platform in floating offshore wind with more than 10 years of experience from design, execution and development of floating wind projects based on Ideol S.A.'s patented floating offshore wind technology and engineering capabilities. The company has a dual-leg growth strategy as a floater EPCI and maintenance services provider and as a wind-farm project developer and co-owner. BW Ideol has two full-scale offshore floating wind turbines in operation in France and Japan, a significant project pipeline, and is supported by BW Offshore's extensive experience from developing and operating offshore energy production systems.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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