BW Ideol: EolMed partnership makes FID for 30MW French floating wind farm [DETAILED VERSION]

BW Ideol: EolMed partnership makes FID for 30MW French floating wind farm [DETAILED VERSION]

09 May 2022 10:32 CEST

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

More information:
Access the news on Oslo Bors NewsWeb site

561527_FID EOLMED - FRA.pdf

Source

BW Ideol AS

Provider

Oslo Børs Newspoint