BW Ideol, Elawan Energy to Jointly Develop Multi-Gigawatt Floating Projects Offshore Spain and Portugal

Business development

May 26, 2023, by Adnan Memija

BW Ideol has signed a Head of Terms with Elawan Energy for the joint development of a multi-GW floating offshore wind pipeline off Spain and Portugal, subject to further negotiation of the final agreement between the two companies.

Floatgen floating wind turbine; Photo: BW Ideol

Elawan Energy, an ORIX company based in Spain, has more than 2.6 GW of projects (solar, hydro, and wind) already built and more than 8.4 GW portfolio of renewable projects under development.

The company is fully owned by ORIX corporation, a multinational financial group headquartered in Japan, since February 2023.

“Entering the offshore business not only reinforces our commitment to environmental responsibility, but also allows us to diversify our revenue streams and open new growth horizons for Elawan Energy. We are convinced that this strategic partnership will provide us with the necessary expertise to meet the technical and logistical challenges inherent in this type of project”, said Dionisio Fernández Auray, CEO of Elawan Energy.

BW Ideol and ORIX Corporation already collaborate in Japan as co-development partners on one of BW Ideol’s commercial-scale floating offshore wind projects currently under development.

In May last year, BW Ideol signed an agreement with Tohoku Electric Power to jointly develop a commercial-scale floating wind farm off the coast of Kuji city in Iwate prefecture.

The agreement between BW Ideol and Elawan Energy covers the joint development of several commercial-scale projects, within the framework of the upcoming tenders expected in Spain and in Portugal.

“Elawan Energy has a strong and successful local presence in Spain and is now supported by one of the biggest financial companies in Japan, ORIX Corporation. Together with our winning floating wind experience both in project development and technology delivery, we’re highly confident that we’ll be able to develop and deliver the most competitive and credible projects” said Paul de la Guérivière, CEO of BW Ideol.

Portugal has recently identified draft areas for offshore wind development as part of the government’s plan to award 10 GW of capacity that would be grid-connected by 2030.

The auction is expected to take place in autumn 2023.

When it comes to Spain, the country has set a 2030 offshore wind target of 3 GW through its Offshore Wind Roadmap, approved by the country’s Council of Ministers in December 2021. The long-term vision of the offshore wind power scenario in Spain indicates the country’s potential to reach 17 GW by 2050, according to the white paper released by the Spanish Wind Energy Association (AEE) in October 2022.