Norwegian company BW Ideol and Spanish renewable energy developer Elawan Energy have agreed to jointly develop multi-gigawatt floating offshore wind projects off the coast of Spain and Portugal.

ORIX, the parent company of BW Ideol and Elawan Energy, has teamed up in Japan to jointly develop one of BW Ideol's floating offshore wind projects, which is currently under development. Through this joint exclusivity agreement, several commercial-scale projects will now be developed within the framework of the forthcoming tenders in Spain and Portugal.

Paul de la Guérivière, CEO of BW Ideol, said: "We are pleased to continue to expand our global project pipeline, which is in line with our two-legged strategy as a co-developer and technology and EPCI service provider. Elawan Energy has a strong and successful local presence in Spain and is now backed by ORIX Corporation, one of Japan's largest financial companies. Coupled with our successful floating wind energy experience in project development and technology delivery, we are very confident that we can develop and deliver the most competitive and credible projects.

Dionisio Fernández Auray, CEO of Elawan Energy, said that entering the offshore business not only strengthens our commitment to environmental responsibility, but also allows us to diversify our revenue streams and open up new growth prospects for Elawan Energy.

We believe this strategic partnership will provide us with the necessary expertise to address the technical and logistical challenges inherent in such projects. In January 2022, BW Ideol entered into an investment agreement with Japan's Jera and the French company ADEME Investissement.Editor/XingWentao