Floating wind farm and technology developer BW Ideol has signed a Head of Terms with Elawan Energy, an ORIX company based in Spain, for the joint development of a multi-GW floating offshore wind pipeline off Spain and Portugal, subject to further negotiation of the final agreement between the Parties.
In Spain, Elawan Energy has more than 2.6 GW of projects (solar, hydro and wind) already built and more than 8.4 GW portfolio of renewable projects under development.
Elawan Energy has been wholly owned by ORIX Corporation, a multinational financial group headquartered in Japan, since February 2023.
BW Ideol and ORIX Corporation already collaborate in Japan as co-development partners on one of BW Ideol’s commercial-scale floating offshore wind projects currently under development.
This exclusive agreement covers the joint development of several commercial-scale projects, within the framework of the upcoming tenders expected in Spain and in Portugal.
Paul de la Guérivière, CEO of BW Ideol said: “We are pleased to keep on expanding our global project pipeline, in line with our dual-leg strategy as co-developer and as technology and EPCI services provider. Elawan Energy has a strong and successful local presence in Spain and is now supported by one of the biggest financial companies in Japan, ORIX Corporation. Together with our winning floating wind experience both in project development and technology delivery, we’re highly confident that we’ll be able to develop and deliver the most competitive and credible projects."
Dionisio Fernández Auray, CEO of Elawan Energy, also spoke about this strategic match said: “Entering the offshore business not only reinforces our commitment to environmental responsibility, but also allows us to diversify our revenue streams and open new growth horizons for Elawan Energy. We are convinced that this strategic partnership will provide us with the necessary expertise to meet the technical and logistical challenges inherent in this type of project."