BW Ideol AS

Capital/Financing Update • Jan 5, 2022

BW Ideol, JERA and ADEME Investissement sign an investment agreement for the financing of offshore floating wind projects

BW Ideol, JERA and ADEME Investissement sign an investment agreement for the financing of offshore floating wind projects

BW Ideol AS, a global leader in offshore floating wind, has executed an

investment agreement with JERA, Japan's largest utility company, and ADEME

Investissement, a French State-owned investment company aiming at financing

innovative infrastructure projects funded by the Investment for the Future

Program, to create an investment company for financing the co-development of

offshore wind projects using BW Ideol's patented Damping Pool® technology over

the next 5 years.

BW Ideol will hold 51% of the new entity, with JERA and ADEME Investissement

holding 24.5% each. The final agreement is in line with the Key Terms signed by

the three parties in 2020.

"We are honoured to have signed the investment agreement with JERA and ADEME

Investissement. This agreement materialises our solid relationship with JERA,

Japan's largest utility company and an established player in offshore wind

developments especially in Japan and Asia. We are also pleased to further

consolidate our relationship with the Investment for the Future Program (sponsor

of ADEME Investissement) which has been a partner of BW Ideol in the financing

of its Floatgen demonstrator. This 3-party collaboration reflects our joint

ambition to fully capitalise on the opportunities created by the rapidly growing

offshore floating wind market by leveraging BW Ideol's growth strategy track as

co-developer of floating wind projects based on our unique floating foundation

technology" said Paul de la Guérivière, the CEO of BW Ideol.

JERA Managing Executive Officer Satoshi Yajima said "Floating offshore wind has

a large energy potential and is expected to play a significant role in expanding

the introduction of renewable energy in the future. We believe this agreement

between the three companies will accelerate the development of floating offshore

wind and open up the possibility of using offshore energy in Japan and other

areas with limited potential for fixed-bottom offshore wind".

"We do believe that floating offshore wind is on its way to confirm its

potential and become a substantial contributor to achieving future climate

goals. This partnership aims at financing first commercial scale projects and at

supporting BW Ideol's technology as both will contribute to accelerate the

competitiveness of floating offshore wind" comments Arnaud Leroy (CEO of ADEME,

itself President of ADEME Investissement)

About Jera

Established in 2015 as an equal joint venture between two major Japanese

electric companies (TEPCO Fuel & Power Incorporated and Chubu Electric Power

Company), JERA is an energy company with global reach and strengths across the

entire energy supply chain from participation in fuel upstream projects and

procurement through fuel transportation and power generation.

JERA's mission is to provide cutting-edge solutions to the world's energy issues

by offering to other countries energy supply models established in Japan through

JERA's global operations. Looking toward 2025, JERA focuses primarily on energy

solutions in two areas: large-scale renewable energy centered on offshore wind

power generation and LNG value chains. To further drive existing initiatives and

clarify its long-term vision, JERA established its "JERA Zero CO2 Emissions

2050" objective in October 2020 based on the development of renewable energy and

zero-emission thermal power generation using ammonia and hydrogen.

For further details: https://www.jera.co.jp/english/

About ADEME Investissement

Created in December 2018 as part of the Investment for the Future programme,

ADEME Investissement SAS aims to finance innovative infrastructure projects in

the area of ecological and energy transition alongside with private investors.

ADEME Investissement is 100% held by the French State and has a budget of EUR400

million. For more details: https://www.ademe-investissement.fr/en/

Investment for the Future Programme : Created in 2010 and allocated EUR57 billion,

the Investments for the Future programme aims to stimulate employment, boost

productivity and increase the competitiveness of French businesses by

encouraging investment and innovation in priority sectors to drive growth and

employment The third round of the Invesment for the Future Programme was

launched by the French Prime Minister on 25th September 2017, under the Grand

Plan d'Investissement (GPI). For more details :

http://www.gouvernement.fr/secretariat-general-pour-l-investissement-sgpi -

Twitter : @SGPI_avenir

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,

and is supported by BW Offshore's extensive experience from developing and

operating offshore energy production systems.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and subject to the disclosure requirements pursuant to

Section 5-12 the Norwegian Securities Trading  Act. This stock exchange release

was published by Marie Bayard-Lenoir, Communication Officer at BW Ideol, on

January 5 at 10:15 CET.