Floating energy technology combine BW Ideol has landed €40m ($43m) in French state funding to spin-off a development company (DevCo) for upcoming deepwater wind project construction.

The finance, via Ademe Investissement, a €400m government fund for “innovative infrastructure projects”, will be channelled into the DevCo’s portfolio of BW Ideol’s current co-developments, with an initial €16.7m paid at closing and follow-on capital injections totalling €23.3m