BW Ideol initiates Nkr500M private placement and plan for Oslo listing

BW Ideol has engaged Carnegie and Nordea Bank to advise on and effect the private placement of new shares in the company and hopes to raise gross proceeds of approximately Nkr500M.

The net proceeds from the offering will primarily be used to fund the development of the company’s project pipeline, for working capital requirements and for general corporate purposes.

On 17 February 2021, BW Offshore signed a share purchase agreement to become a strategic owner of Ideol. BW Ideol, the new entity formed as a result, is targeting growth as a technology and EPC services provider, expanding and maturing its portfolio of development projects and becoming a long-term asset owner and operator.

BW Ideol said it sees “solid opportunities for developing offshore power production solutions to drive the energy transition at a global scale.

“We are combining our four decades of offshore development, financing and operational experience with Ideol’s proven floating offshore wind technology and expertise,” said the company.

The company said it hopes to have a floating wind portfolio of 10 GW by 2030.