French Secure Financing For Floating Wind Farm

May 2, 2013

European countries continue to invest in renewable energy resources. Last week a French company secured financing for floating wind farm demonstration project. With the financing in place they can now move forward with plans to provide state of the art technology that will eliminate the need to secure marine wind farms to foundations under the sea. This allows for easier, less costly installation.

French Secure Financing For Floating Wind Farm

French Secure Financing For Floating Wind Farm

French Secure Financing for Floating Wind Farm

IDEOL, based in the South of France, has developed a floating wind turbine foundation that it predicts will allow developers to install turbines in deeper waters and potentially reduce costs.

The company this week announced that it has raised €7m from two investment funds comprising the FCPR Demeter 3 Seed fund, managed by European cleantech investor Demeter Partners, and FCPR Emergence Innovation 1, managed by Sofimac Partners and Soridec.

The funding will finance a 2MW demonstration project being developed with Gamesa and Stuttgart University. However, it is currently unclear where and when the platform will be demonstrated.

The company is also a member of a 12-partner consortium, which has received €36m financing from the European Commission’s Floatgen project that aims to install three floating demonstrators in the next few years.

“Offshore markets and perspectives are very capital-intensive and IDEOL’s ability to harness various financing sources, private ones as much as public ones, is a key factor to success,” said Paul de la Guérivière, chief executive of IDEOL.

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Wind farms placed farther out in deeper waters will be more likely to provide consistent power due to higher wind projections. I believe we will see a lot of competition and growth in the floating wind farm niche in the future.

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