OSLO, Norway – BW Offshore has signed a share purchase agreement to become a strategic owner of Ideol S.A.
The company has invested EUR 60 million ($73 million) in Ideol S.A., creating BW Ideol, a global integrated floating offshore wind company with proven technology and capabilities. Ideol S.A. will become a wholly owned subsidiary of BW Ideol.
Marco Beenen, CEO of BW Offshore, 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.”
BW Offshore expects to hold about 50% of the shares outstanding in BW Ideol. Ideol management and employees are expected to own about 20% of the shares post listing.
The transaction and listing are expected to close in 1Q 2021, subject to customary closing conditions and regulatory approvals.
Ideol has more than 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 building a sizeable pipeline of projects as co-developer in Japan, Europe, and the US.
Paul Dupin de la Guérivière, CEO of Ideol, said: “Our established position in floater design and engineering, coupled with BW Offshore’s track-record of project development and deepwater expertise, provides a strong platform for accelerated growth as a leader in floating offshore wind technology and growing developer of offshore renewable energy projects.”