BW Ideol, who develop floating wind projects, has signed an investment agreement with Japanese utility firm Jera and French company ADEME Investissement.

The agreement seeks to create an investment company to finance the co-development of offshore wind projects over the next five years.

The projects will be developed with BW Ideol’s damping pool technology using funds provided by the investment for the future program.

BW Ideol CEO Paul de la Guérivière said: “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.”

As agreed, BW Ideol will have a 51% ownership in the new company while Jera and ADEME Investissement will hold 24.5% each.

The final agreement is said to be in line with the key terms signed by the three companies in 2020.

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.”