The offshore wind company BW Ideol and ADEME Investissement (ADEME) are entering into a funding agreement worth €40 million (US$43.4 million) for projects including offshore wind, according to a July 5 press release.

The reorganization will oversee the establishment of BW Ideol Projects Co., to which BW Ideol will transfer its co-development project portfolio. ADEME will invest an initial payment of €17.85 million, which will be paid in September, when the first closing date is planned for. The remaining funds will be based on project funding calls between BW Ideol and ADEME.

“When all funding calls are completed, each of ADEME Investissement and BW Ideol will have invested EUR 40 million in the development company,” according to the release.

The first closing is subject to not only the completion of the reorganization, but also Crown Estate Scotland’s approval of the transfer of BW Ideol’s share in Buchan Offshore Wind to the development company, the release said. Upon the first closing, BW Ideol will have approximately 75.8% of the development company, which will represent a post-money valuation of approximately EUR 74 million.

BW Ideol will retain full ownership of its business activities and assets unrelated to the development company, including tech, related IP, know-how portfolio, the floater EPCI business line in addition to the exclusivity with Scotland’s Port of Ardersier for a floater production line, the Floatgen demonstrator, and its ownership in the EolMed offshore floating wind farm pilot, according to the release.