BW Ideol Negotiates Funding Of EUR 40 Mln From Ademe

Source: 3/22/2023, Location: Europe

BW Ideol AS, a global leader in floating wind, and ADEME Investissement, a state-owned French financier of innovative infrastructure projects, have agreed to enter into exclusive negotiations for a € 40 million funding by ADEME Investissement of BW Ideol’s project development activities.

Transaction highlights:

- Creation of a subsidiary for all BW Ideol’s co-development activities (“BW Ideol Projects Company” or “DevCo”)

- Initial investment of € 16.7 million by ADEME Investissement (“First Closing”)

- Further capital injections for a total of € 23.3 million based on project funding calls for each of ADEME Investissement and BW Ideol

- Around € 72 million post-money valuation of DevCo (at First Closing)

- 76.6% ownership of DevCo by BW Ideol, 23.4% ownership by ADEME Investissement (at First Closing)

- Annual service agreement paid to BW Ideol to cover DevCo’s management costs

Under the agreed terms, BW Ideol will transfer its co-development project portfolio to a newly created subsidiary DevCo, subject to approval of projects partners and tendering authorities. ADEME Investissement will invest a total of € 40 million in equity into DevCo through capital increases, with an initial € 16.7 million paid at First Closing by ADEME Investissement, and subsequent capital injections based on project funding calls with a co-financing at equal share between BW Ideol and ADEME Investissement.

Following First Closing, BW Ideol will own 76.6% of DevCo, representing a post-money valuation of DevCo of around € 72 million. ADEME Investissement is set to increase its holding over time as further projects are matured and financed. Under the agreement, BW Ideol will be responsible for DevCo’s management through a service agreement. When all funding calls are completed, each of ADEME Investissement and BW Ideol will have invested € 40 million each in DevCo.

ADEME Investissement has been granted a two-month period of exclusivity for the transaction, with a target to complete First Closing by end of Q2-2023, subject to final negotiations and approval by the respective decision bodies of BW Ideol and ADEME Investissement.

- BW Ideol will retain full ownership of its other business activities and assets, including:

- its technology and related IP and know-how portfolio,

- its floater EPCI business line and the exclusivity with the Port of Ardersier in Scotland for a floater production line,

- the Floatgen demonstrator,

- the ownership in the EolMed project,

- all the teams, including engineering, business development, project execution, supply chain, legal, innovation, finance.

“In addition to the agreement with ADEME Investissement, we have signed today a € 12 million shareholder loan with BW Offshore and Noria. With these two transactions, we expect to be fully funded to execute our business plan for the next 12 months, with no dilution on existing shareholders” said Paul de la Guérivičre.

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