BW Ideol teams up with Elawan Energy for multi-GW floating offshore wind projects in the Iberian Peninsula

BW Ideol has signed a Head of Terms with Elawan Energy, an ORIX company based in Spain, for the joint development of a multi-GW floating offshore wind pipeline off Spain and Portugal, subject to further negotiation of the final agreement between the Parties.

Elawan Energy is a leading player in the field of renewable energy in Spain, with more than 2.6 GW of projects (solar, hydro and wind) already built and more than 8.4 GW portfolio of renewable projects under development. Elawan Energy is fully owned by ORIX Corporation, a multinational financial group headquartered in Japan, since February 2023, and benefits from a particularly strong and historical local footprint in Spain since Elawan Energy, former Gestamp Wind, was created in 2008 as one of the renewable vehicles of Acek Desarrollo y Gestión Industrial, S.L, the holding company of Riberas´ family, who currently owns Gestamp Group.

BW Ideol and ORIX Corporation already collaborate in Japan as co-development partners on one of BW Ideol’s commercial scale floating offshore wind projects currently under development.

This exclusive agreement covers the joint development of several commercial-scale projects, within the framework of the upcoming tenders expected in Spain and in Portugal.

"We are pleased to keep on expanding our global project pipeline, in line with our dual-leg strategy as co-developer and as technology and EPCI services provider. Elawan Energy has a strong and successful local presence in Spain and is now supported by one of the biggest financial companies in Japan, ORIX Corporation. Together with our winning floating wind experience both in project development and technology delivery, we’re highly confident that we’ll be able to develop and deliver the most competitive and credible projects” said Paul de la Guérivière, CEO of BW Ideol.

Dionisio Fernández Auray, CEO of Elawan Energy, also spoke about this strategic match. "Entering the offshore business not only reinforces our commitment to environmental responsibility, but also allows us to diversify our revenue streams and open new growth horizons for Elawan Energy. We are convinced that this strategic partnership will provide us with the necessary expertise to meet the technical and logistical challenges inherent in this type of project” he said.

About BW Ideol:
BW Ideol is a leading fully integrated platform in floating offshore wind with more than 12 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 including 1 GW under development in Scotland and is supported by BW Offshore's extensive experience from developing and operating offshore energy production systems. For more information, contact Nicolas de Kerangal, Chief Financial & Partnerships Officer at BW Ideol – ir@bw-ideol.com

About Elawan: Elawan Energy is a global operator in renewable energy industry which offers integrated solutions along the green energy life circle, from the promotion, development and construction of wind farms, photovoltaic plants and hydropower plants until their operation, maintenance and the sale of this green energy produced. Elawan Energy is part of ORIX Group.? For more information, visit : https://www.elawan.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act