BW Ideol AS

BW Ideol: EolMed partnership makes FID for 30MW French floating wind farm [DETAILED VERSION]

The EolMed partnership, comprising Qair, Totalenergies and BW Ideol, has made

the final investment decision (FID) today for its 30MW offshore floating wind

development. The Mediterranean Sea pilot wind farm is set to become one of the

first three floating offshore wind farms in France when it is commissioned in

mid-2024.

"This is a major milestone for the EolMed project and for BW Ideol. Today's

decision to proceed with the construction and installation of the wind farm that

was never challenged by legal recourse, reflects years of planning and

preparation. As both project co-developer and provider of the floating

technology and the related engineering services, we are delivering on our dual

strategy, reinforcing our floating wind market leadership in France and

favorably positioning ourselves for the upcoming French Mediterranean floating

wind tenders", said Paul Dupin de la Guérivière, CEO of BW Ideol.

Financing of the wind farm has been arranged with the support of the European

Investment Bank, which played a key role in the negotiations and structuring of

the non-recourse debt provided by the Banque Postale, BPCE Energeco and BPI

France as lenders. Natixis and La Banque Postale acted as hedging banks. The

project is also supported by a wide range of national and local organisations

and companies.

Eolmed is one of the first floating wind pilot projects in France to be

installed 18 km off the coastal town of Gruissan, respecting the coastal

landscape and maritime fauna. It comprises three 10MW wind turbines, each

mounted on BW Ideol's patented floating steel foundations and connected to the

Electricity Transmission Network (RTE) by an undersea cable. BW Ideol and Qair

have cooperated on the project since 2016 with Total joining the development

consortium as 20% owner in 2020. BW Ideol became a 5% owner in late 2021.

Please find attached the project press release (French).

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 subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

AI Terminal