Under the agreed terms, BW Ideol will transfer its co-development project portfolio to a newly created subsidiary DevCo, subject to the approval of projects partners and tendering authorities.
The French company will invest a total of EUR 40 million in equity into DevCo through capital increases, with an initial EUR 16.7 million paid at First Closing, and subsequent capital injections based on project funding calls with a co-finansing at equal share between BW Ideol and ADEME Investissement.
Following First Closing, ADEME Investissement will own 23.4 per cent of DevCo, while BW Ideol will own 76.6 per cent, representing a post-money valuation of DevCo of around EUR 72 million.
ADEME Investissement plans to increase its holding over time as further projects are matured and financed.
The company has been granted a two-month period of exclusivity for the transaction, with a target to complete the First Closing by the end of the second quarter of 2023, subject to final negotiations and approval by the respective decision bodies of both firms.
Under the agreement, BW Ideol will be responsible for DevCo’s management through a service agreement.
When all funding calls are completed, ADEME Investissement and BW Ideol will each have invested EUR 40 million in DevCo.
BW Ideol is the only floating technology provider with two full-scale assets in operation in France and Japan.
ADEME Investissement is a French State-owned investment company aiming at financing innovative infrastructure projects funded by the Investment for the Future Program.
