BW Ideol takes FID on 30 MW floating offshore wind project in the Mediterranean Sea

The EolMed partnership, comprising Qair, Totalenergies, and BW Ideol, has made the Final Investment Decision (FID) today for its 30 MW offshore floating wind development.

Financing of the wind farm has been 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 La 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 organizations and companies.

Eolmed is one of the first floating wind pilot projects in France to be installed 18 km off the coastal town of Gruissan, respecting the coastal landscape and maritime fauna. It comprises three 10 MW wind turbines, each mounted on BW Ideol’s patented floating steel foundations and connected to the Electricity Transmission Network (RTE) by an undersea cable. BW Ideol and Qair have cooperated on the project since 2016 with Total joining the development consortium as a 20% owner in 2020. BW Ideol became a 5% owner in late 2021. The project is to be commissioned in mid-2024.