Crowdfunding Campaign Starts for French Floating Offshore Wind Project

Qair, TotalEnergies, and BW Ideol, the partners behind the EolMed project, have launched a new crowdfunding campaign on 12 May targeting EUR 3 million (approximately USD 3.2 million) to finance the 30 MW floating wind farm in the French Mediterranean.

Supported by Enerfip, the French crowdfunding platform dedicated to renewables, the campaign is initially running in the Occitanie region and will be available to all French regions from 10 June, before closing on 7 July 2022.

EolMed became the first floating wind farm to carry out a citizen financing in France in 2018, when it ran its first crowdfunding campaign and gathered EUR 400,000 (around USD 430,000).

A few weeks ago, Qair, TotalEnergies, and BW Ideol made a final investment decision (FID) for the floating wind farm which came shortly after the partners secured EUR 85 million (about USD 91 million) in financing from the European Investment Bank (EIB).

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.

The floating wind farm, fully consented in February 2021, 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.

Once fully commissioned in mid-2024, EolMed will produce the equivalent of the annual electricity consumption of 50,000 people, according to the developers.

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