BW Ideol AS, a floating offshore wind foundation developer, and ADEME Investissement, a state-owned French financier of innovative infrastructure projects, have today completed the first financial closing following an earlier agreement for EUR 40 million in funding from ADEME Investissement for BW Ideol's project development activities.
The first financial closing was completed as planned with an initial investment of EUR 17.88 million in a newly created subsidiary, BW Ideol Projects Company SAS.
Following the first closing, BW Ideol owns 75.81% of the project company. ADEME Investissement will increase its holding over time as part of the announced EUR 40 million funding agreement. BW Ideol manages the development company through a service agreement.