French floater in the Mediterranean reaches FID as commercial-scale projects approach

The pilot project in the Mediterranean will become one of the first of a trio of floating offshore windfarms in France when it is commissioned in mid-2024.

BW Ideol chief executive Paul Dupin de la Guérivière said, “This is a major milestone for the EolMed project and for BW Ideol.

“The decision to proceed with construction and installation of the windfarm reflects years of planning and preparation.

“As project co-developer and provider of the floating foundation for the project we are delivering on our strategy, reinforcing our floating wind market leadership in France and positioning ourselves for the upcoming tender from the French Government for commercial-scale floating wind projects in the Mediterranean.”

Financing for the windfarm was arranged with the support of the European Investment Bank, which played a key role in the negotiations and structuring of the non-recourse debt provided by Banque Postale, BPCE Energeco and BPI France as lenders.

Natixis and La Banque Postale acted as hedging banks. The project is also supported by a wide range of national and local organisations and companies.

EolMed is one of the first floating wind pilot projects in France and will be installed 18 km off the coast of Gruissan.

It will consist of three 10-MW wind turbines, each mounted on BW Ideol’s patented floating steel foundations, connected to the RTE network.

BW Ideol and Qair have co-operated on the project since 2016 with Total joining the development consortium as 20% owner in 2020. BW Ideol became a 5% owner in late 2021.