BW Ideol and Tohoku Electric Power start first stage of commercial-scale floating wind project in Iwate prefecture, Japan

BW Ideol and Tohoku Electric Power start first stage of commercial-scale floating wind project in Iwate prefecture, Japan

12 May 2022 07:33 CEST

BW Ideol (Chief Executive Officer: Paul De La Guérivière) and Tohoku Electric
Power Co., Inc. (President: Kojiro HIGUCHI) are pleased to announce that both
companies have signed a formal agreement and initiated the feasibility studies
necessary to jointly develop a commercial-scale floating offshore wind farm off
the coast of Kuji city, Iwate prefecture; project based on BW Ideol's proven and
patented Damping Pool® technology. The two companies intend to collaborate very
closely to contribute to the early commercialization of cost-competitive
floating offshore wind power in Japan through this Iwate prefecture project.

Paul de la Guérivière, CEO of BW Ideol, commented : "We're pleased and honored
to join forces with a leading Japanese utility such as Tohoku EPCO and to
further contribute to the advancement of floating wind power in Japan. Japan is
a very promising market where we have a strong local presence and recognition
and where we have been co-developing numerous projects for several years now.
This agreement comes just a few months after our ScotWind tender success and
confirms the merits of our dual-leg growth strategy as asset co-developer and as
floater technology provider. Our teams are already hard at work and are
determined to successfully develop this project."

Tohoku Electric Power Co., Inc. is one of the major Japanese utility companies
founded in 1951. Under the Tohoku Electric Power Group Carbon Neutral Challenge
2050, it will accelerate CO2 emissions reductions by maximizing use of renewable
energy and nuclear power; decarbonizing thermal power sources; and realizing a
smart society. Focusing on renewable energy development, it announced the target
of developing 2GW of capacity, centered on wind power, chiefly in the six Tohoku
prefectures and in Niigata Prefecture. The company currently participates in
numerous projects, including onshore and offshore wind power as well as solar
power, among other proactive initiatives in this field.

Toshinori SHIRATO, General Manager of Tohoku Electric Power, commented : "We are
pleased and honored to start the feasibility study at the Iwate prefecture
together with BW Ideol who has abundant experience as well as technical
expertise in the floating offshore wind industry. As our motto "yori, sou,
chikara" describes, we will continue working hand-in-hand with local communities
with our founding motive of serving as a bedrock for the region."

For further information, please contact:
Nicolas de Kerangal, Chief Financial & Partnerships Officer at BW Ideol, +33 (0)
7 76 87 70 08, [email protected] (mailto:[email protected])

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
including 1GW under development in Scotland 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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Source

BW Ideol AS

Provider

Oslo Børs Newspoint