BW Offshore has signed a deal to invest EUR60m ($72m) to take a 50% stake in global floating offshore wind company Ideol.

Ideol will become a wholly-owned subsidiary of a new entity named BW Ideol to target growth as a technology and EPC services provider, expand and mature a significant portfolio of development projects, and become a long term asset owner and operator.

“We see solid opportunities for developing offshore power production solutions to drive energy transition at global scale,” said Marco Beenen, ceo of BW Offshore.

“We are combining our four decades of offshore development, financing and operational excellence with Ideol’s proven floating offshore wind technology and expertise,” Beenen added.

France’s Ideol, with over 60 employees, has installed two full-scale demonstration wind turbines based on its patented floater design and is currently building up a sizeable pipeline of projects as co-developer in Japan, Europe and the US.

The investment made by BW Offshore will be funded from the company’s existing liquidity reserves.

The new BW Ideol is planning to seek admission to trading on Euronext Growth Oslo of Norway by the end of March 2021. BW Offshore will participate as an anchor investor in a planned private placement of new shares to fund development of project pipeline.

“Our established position in floater design and engineering, coupled with BW Offshore’s track-record of project development and deep-water expertise provides a strong platform for accelerated growth as a leader in floating offshore wind technology and growing developer of offshore renewable energy projects,” said Paul Dupin de la Guérivière, CEO of Ideol.

Source: Seatrade Maritime