France's BW Ideol negotiating EUR-40m investment from state-run firm

French floating offshore wind specialist BW Ideol AS has started exclusive talks with state-owned financier ADEME Investissement to secure a EUR-40-million (USD 43m) investment to fund its project development activities.

Subject to final negotiations, ADEME will make a first-close investment of EUR 16.7 million in a new BW Ideol subsidiary (DevCo) that will hold the business’ co-development activities. With the closing of subsequent project funding calls, BW Ideol and ADEME will end up investing EUR 40 million each in DevCo.

The state-owned financier is expected to hold a stake of 23.4% in DevCo following the first close and its ownership will increase over time as further projects are matured and financed, the announcement says.

ADEME now has two months to exclusively negotiate the transaction, with a first close scheduled for the end of next quarter.

“In addition to the agreement with ADEME Investissement, we have signed today a EUR 12 million shareholder loan with BW Offshore and Noria. With these two transactions, we expect to be fully funded to execute our business plan for the next 12 months, with no dilution on existing shareholders,” said CEO Paul de la Gueriviere.

BW Ideol’s initial majority stake of 76.6% will represent a post-money valuation of DevCo of about EUR 72 million. The company will retain full ownership of its technology, IP, floater EPCI business line, the Floatgen demonstrator, its interest in the EolMed project, and its entire workforce.

(EUR 1.0 = USD 1.079)

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