BW Ideol AS

M&A Activity • May 12, 2022

BW Ideol and Tohoku Electric Power start first stage of commercial-scale floating wind project in Iwate prefecture, Japan

BW Ideol and Tohoku Electric Power start first stage of commercial-scale floating wind project in Iwate prefecture, Japan

BW Ideol (Chief Executive Officer: Paul De La Guérivière) and Tohoku Electric

Power Co., Inc. (President: Kojiro HIGUCHI) are pleased to announce that both

companies have signed a formal agreement and initiated the feasibility studies

necessary to jointly develop a commercial-scale floating offshore wind farm off

the coast of Kuji city, Iwate prefecture; project based on BW Ideol's proven and

patented Damping Pool® technology. The two companies intend to collaborate very

closely to contribute to the early commercialization of cost-competitive

floating offshore wind power in Japan through this Iwate prefecture project.

Paul de la Guérivière, CEO of BW Ideol, commented : "We're pleased and honored

to join forces with a leading Japanese utility such as Tohoku EPCO and to

further contribute to the advancement of floating wind power in Japan. Japan is

a very promising market where we have a strong local presence and recognition

and where we have been co-developing numerous projects for several years now.

This agreement comes just a few months after our ScotWind tender success and

confirms the merits of our dual-leg growth strategy as asset co-developer and as

floater technology provider. Our teams are already hard at work and are

determined to successfully develop this project."

Tohoku Electric Power Co., Inc. is one of the major Japanese utility companies

founded in 1951. Under the Tohoku Electric Power Group Carbon Neutral Challenge

2050, it will accelerate CO2 emissions reductions by maximizing use of renewable

energy and nuclear power; decarbonizing thermal power sources; and realizing a

smart society. Focusing on renewable energy development, it announced the target

of developing 2GW of capacity, centered on wind power, chiefly in the six Tohoku

prefectures and in Niigata Prefecture. The company currently participates in

numerous projects, including onshore and offshore wind power as well as solar

power, among other proactive initiatives in this field.

Toshinori SHIRATO, General Manager of Tohoku Electric Power, commented : "We are

pleased and honored to start the feasibility study at the Iwate prefecture

together with BW Ideol who has abundant experience as well as technical

expertise in the floating offshore wind industry. As our motto "yori, sou,

chikara" describes, we will continue working hand-in-hand with local communities

with our founding motive of serving as a bedrock for the region."

For further information, please contact:

Nicolas de Kerangal, Chief Financial & Partnerships Officer at BW Ideol, +33 (0)

7 76 87 70 08, ir@bw-ideol.com (mailto:ir@bw-ideol.com)

About BW Ideol:

BW Ideol is a leading fully integrated platform in floating offshore wind with

more than 10 years of experience from design, execution and development of

floating wind projects based on Ideol S.A.'s patented floating offshore wind

technology and engineering capabilities. The company has a dual-leg growth

strategy as a floater EPCI and maintenance services provider and as a wind farm

project developer and co-owner. BW Ideol has two full-scale offshore floating

wind turbines in operation in France and Japan, a significant project pipeline

including 1GW under development in Scotland and is supported by BW Offshore's

extensive experience from developing and operating offshore energy production

systems.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act