BW Ideol AS

M&A Activity • May 25, 2023

BW Ideol teams up with Elawan Energy for multi-GW floating offshore wind projects in the Iberian Peninsula

BW Ideol teams up with Elawan Energy for multi-GW floating offshore wind projects in the Iberian Peninsula

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.

Elawan Energy is a leading player in the field of renewable energy in Spain,

with 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 is

fully owned by ORIX Corporation, a multinational financial group headquartered

in Japan, since February 2023, and benefits from a particularly strong and

historical local footprint in Spain since Elawan Energy, former Gestamp Wind,

was created in 2008 as one of the renewable vehicles of Acek Desarrollo y

Gestión Industrial, S.L, the holding company of Riberas´ family, who currently

owns Gestamp Group.

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.

"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" said Paul de

la Guérivière, CEO of BW Ideol.

Dionisio Fernández Auray, CEO of Elawan Energy, also spoke about this strategic

match. "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" he

said.

About BW Ideol:

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

more than 12 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 1 GW under development in Scotland and is supported by BW Offshore's

extensive experience from developing and operating offshore energy production

systems. For more information, contact Nicolas de Kerangal, Chief Financial &

Partnerships Officer at BW Ideol - ir@bw-ideol.com (mailto:ir@bw-ideol.com)

About Elawan: Elawan Energy is a global operator in renewable energy industry

which offers integrated solutions along the green energy life circle, from the

promotion, development and construction of wind farms, photovoltaic plants and

hydropower plants until their operation, maintenance and the sale of this green

energy produced. Elawan Energy is part of ORIX Group.? For more information,

visit : https://www.elawan.com

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act