- Announced partnership with EDF Renewables and Maple Power for the South Brittany tender in France
- Pre-selection of the EDF Renewables and Maple Power consortium by the French Government and launch of the competitive dialogue
- Gained exclusive, long-term access to Ardersier Port for local manufacturing of concrete floating substructures to in-house and third-party ScotWind developments
- Submitted applications for ScotWind tender with joint venture partners for a total of 2.1 GW
- Progress on Californian 40 MW Pilot Project towards Environmental Impact Report
- Signed development and services agreements in Italy and Taiwan
- Year-to-date EUR 1.5 million of revenue derived from engineering activities including Eolmed
- Cost discipline with cash position of EUR 38.5 million at end of September 2021 supporting growth strategy.
BW Ideol is executing its dual-track strategy as a co-developer of offshore floating wind projects and as EPCI (engineering, procurement, construction and installation) contractor of floating offshore wind technology. Progress is reflected in several recent cooperation agreements and participation in tenders for commercial scale floating offshore wind projects.
"We are progressing according to plan in a market with increasing activity and a growing pipeline of opportunities for us to fully leverage our unique floater design, engineering capabilities and project execution skills to create value for all stakeholders. The recent COP26 conference in Glasgow highlighted the need for rapid scaling of clean renewable power production to decarbonize energy systems worldwide. We are well positioned to support global energy transition and drive long-term growth through our market leading offshore floating wind solutions", said Paul Dupin de la Guérivière, the CEO of BW Ideol.
Operating revenue for the third quarter was EUR 1.3 million of which EUR 0.8 million from design and engineering activities for projects in France and in Japan. This brings the year-to-date operating revenue at EUR 2.4 million of which EUR 1.5 million from design and engineering activities. Year-to-date operating loss before depreciation and amortisation (EBITDA) for the period was EUR 5.4 million. The cash position was EUR 38.5 million at 30 September 2021.
BW Ideol’s mission is to create a sustainable future by using floating technology to unlock the vast potential of offshore wind. The Company was established as a global pure player in floating offshore wind technology following the acquisition of Ideol SA and a private placement raising gross NOK 519.6 million of growth capital and subsequent listing on Euronext Growth Oslo on 18 March.
OPERATIONIn September, BW Ideol announced its partnership agreement with EDF Renewables, a subsidiary of EDF Group, and Maple Power, a joint venture between CPP Investments and Enbridge Inc., to cooperate on the design of the technical solution for the floating foundations for the South Brittany project, France’s first commercial-scale floating wind tender. The EDF Renewables-Maple Power consortium was at the same time pre-selected in the tender process by the Government. The windfarm will have a capacity of up to 270 MW and is part of France’s national Multiannual Energy Programme (Programmation Pluriannuelle de l’Energie) aiming at putting 8.75 GW of offshore wind capacity out to tender by 2028.
In July, BW Ideol submitted bids in the ScotWind tender for a total of 2.1 GW of installed capacity together with the joint development partners Elicio NV and BayWa.r.e. In September, the Company gained exclusive, long-term access the Ardersier Port, UK’s largest brownfield port, enabling a potential serial production line in Scotland for concrete floating wind substructures based on the Company’s proven Damping Pool ® technology. The local production line in Scotland will serve ScotWind tenders won by BW Ideol and its partners, as well as other consortiums which may base their projects on BW Ideol’s floater technology through EPCI contracts. An upfront payment of EUR 5.8 million to secure port rights was made in September following the signing of this agreement. The Crown Estate Scotland targets making the initial offers for the first option agreements to successful applicants on 17 January 2022.
Early in the third quarter, BW Ideol signed a joint development agreement with Eneos Corporation, Japan’s largest oil refiner and distributor, for commercial scale floating offshore wind farm off Japan and a design and engineering service agreement with an undisclosed party related to a commercial-scale project under development in Taiwan. In August, BW Ideol announced a HoT of Partnership Agreement with an undisclosed leading party for a commercial scale floating offshore wind farm in Italy.
In October, The California State Lands Commission (SLC) released a final Preliminary Environmental Assessment (PEA) for two planned offshore wind farms near the Vanderberg Space Force Base, including BW Ideol’s proposed installation of four concrete floaters with a total of 40 MW capacity. The SLC will now proceed to the next stage of the lease application process by authorising the preparation of the final Environmental Assessment.
BW Ideol continued work on finalising the design phase for the EOLMED project in the Mediterranean Sea consisting of three floating 10 MW turbines to be installed off Gruissan, France. The company signed an engineering and licence agreement in April 2021 with EOLMED. The project is progressing to reach FID in the first quarter of 2022.
Since commissioning in September 2018, the Floatgen demonstrator installed offshore western France produce 17.36 GWh of electricity and recorded 90.9% availability, reflecting the seakeeping performance of BW Ideol’s proprietary damping pool design. The Ecole Centrale de Nantes has published a first environmental report since the Floatgen installation which covers several physical and biological factors. No strong effect or impact was identified in relation to the marine environment and no environmental incidents or pollution have occurred during the construction, operation and maintenance phases.
OUTLOOK BW Ideol continues progress and expand its pipeline of offshore floating wind projects. The Company’s vision is to be a leading long-term owner of floating wind assets in key offshore wind markets across the globe. The goal for 2030 is to have engaged in approximately 10 GW gross portfolio of floating offshore wind projects by building from an existing project pipeline and strong JV partnerships, scaling and optimising in-house developed and proprietary technology, developing a global organisation and leveraging the partnership with BW Offshore, including on the power to oil and gas platform market.
WEBCAST The Company will hold a webcast today, Tuesday 16 November, in connection with the third quarter operational updateat at 15:00 CET. The webcast will be held in English by CEO Paul Dupin de la Guérivière.
The webcast will be available by following this link: https://bit.ly/3bN4B45
You can also dial the following number: 47 21 40 42 22 (Phone Conference ID: 649 449 492#).
Please find attached the operational update presentation including financial tables.
For further information, please contact:Nicolas de Kerangal, Chief Financial & Partnerships Officer at BW Ideol, +33 (0) 7 76 87 70 08, email@example.com
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 of the Norwegian Securities Trading Act.