BW Ideol : ADEME Investissement transaction

BW Ideol market update

28 March 2023

A new subsidiary dedicated to BW Ideol's co-development activity…

• | A portfolio of projects and agreements representing ~ 3.8 GW of opportunities to be contributed, including:

  • ▪ Ownership of 33% of Buchan Offshore Wind in Scotland - 960 MW

  • ▪ Agreements with EDF and Maple Power on French tenders AO5 (South Brittany - 250 MW) and AO6 (Mediterranean sea - 2 x 250 MW)

  • ▪ Agreements with Tohoku Electric, Eneos and one other developer in Japan (~ 2,000 MW)

  • ▪ Agreement with Taiya Renewable Energy in Taïwan (100 MW+)

• | BW Ideol to pursue all its co-development activities and participation to upcoming tenders going forward through BW Ideol Projects Holding

• | Dedicated structure to facilitate access to additional sources of capital to support the growth of the co-development activity going forward

Targeting a global portfolio of 6 to 8 GW by 2030

…with a valuation of ~ 20NOK/share …

• | First closing :

  • | 16,7M€ investment by Ademe Investissement via preferred shares

  • | 55M€ pre-money valuation (i.e. ~ 20NOK/share), 72M€ post-money valuation

  • | 76.6% ownership by BW Ideol

• | Subsequent funding :

  • | 46,8M€ additional funding split 50/50 between BW Ideol and Ademe Investissement (23,4M€ each) via preferred shares

  • | 66.2% ownership by BW Ideol

• | BW Ideol to remain majority owner

• | Service agreement to cover project origination, tendering and commercial development activities, portfolio management to be entered between BW Ideol Project Holdings and Ideol France

… and to be added to BW Ideol's other activities

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BW Ideol to retain full ownership of its other business activities and assets, including:

• | its technology and related IP and know-how portfolio,

• | its floater EPCI business line and the exclusivity with the Port of Ardersier in Scotland for a floater production line,

• | the Floatgen demonstrator,

• | the ownership in the EolMed project,

• | all the teams, including engineering, business development, project execution, supply chain, legal, innovation, finance.

5

Contemplated corporate structure

• | Technology & related IP

• | Floater EPCI business line and exclusivity with the Port of Ardersier

• | Floatgen demonstrator

• | Teams