Floating wind pioneer BW Ideol cemented a deal with Japan’s largest power utility to create a venture to back projects using its foundation technology.

BW Ideol joined JERA and French government-backed investment vehicle ADEME Investissement to form the new entity, which will finance and co-develop projects over the next five years.

The agreement confirms an outline deal reached by the three parties in 2020, when the trio said they planned to bid in major floating wind auctions around the world.