French Floating Offshore Wind Project Reaches Financial Close

Qair, TotalEnergies, and BW Ideol, the partners behind the EolMed project, have made a Final Investment Decision (FID) for the 30 MW floating wind farm in the French Mediterranean.

The FID comes shortly after the partners secured EUR 85 million in financing from the European Investment Bank (EIB).

Fully consented in February 2021, EolMed will comprise three Vestas 10 MW wind turbines mounted on BW Ideol’s Damping Pool floating foundations and installed 15 kilometres off Gruissan, in water depths of around 60 metres.

The Mediterranean Sea pilot wind farm is set to become one of the first three floating offshore wind farms in France when it is commissioned in mid-2024.

TotalEnergies acquired a 20 per cent stake in EolMed from Qair in October 2020. BW Ideol bought a five per cent ownership stake in the project in December 2021.

“Today’s decision to proceed with the construction and installation of the wind farm that was never challenged by legal recourse, reflects years of planning and preparation,” said Paul Dupin de la Guérivière, CEO of BW Ideol.

”As both project co-developer and provider of the floating technology and the related engineering services, we are delivering on our dual strategy, reinforcing our floating wind market leadership in France and favorably positioning ourselves for the upcoming French Mediterranean floating wind tenders.”

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NOTE: The original article has been amended.