BW Ideol to buy into 30-MW floating wind project in France

BW Ideol (OSE:BWIDL) has agreed to acquire a 5% stake in a 30-MW floating wind pilot project in the French Mediterranean, which is being developed by a consortium led by French renewable power producer Qair.

The EolMed project is progressing towards a final investment decision (FID), with construction expected to start in early 2022, BW Ideol said on Wednesday.

The planned offshore wind farm will be installed 15 kilometres off Gruissan, a town on the western part of the French south coast. It will use three 10-MW turbines, to be provided by consortium member MHI Vestas. The wind farm is expected to be commissioned in 2023.

"By licensing our floater technology, providing design and engineering services and becoming a co-shareholder of the project, we are both executing our long-term growth and value creation strategy as well as strengthening our project portfolio and our unique access to a valuable return of experience," BW Ideol CEO Paul de la Gueriviere said.

The French floating wind technology developer sees the investment as supporting its dual-track growth strategy of being a co-developer of floating wind projects and a floating foundation EPCI provider.

BW Ideol has been partnering Qair on the project since 2016 and the early stages of winning a French government call for the project. The renewables arm of TotalEnergies joined the consortium in 2020, purchasing a 20% holding in the project.

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