Ocean Winds and the Banque des Territoires close a financing for their offshore floating wind farm pilot project

Les Eoliennes Flottantes du Golfe de Lion (EFGL) is a 30MW offshore floating wind farm pilot project in the French Mediterranean Sea. Developed by Ocean Windsand the Banque des Territoires, the project was awarded by The French Environmental and Energy Management Agency (ADEME)in 2016, among three other c. 24MW to 30MW offshore floating wind farm pilot projects - part of the Future Investments Programme (PIA).

Floating offshore wind farms are part of a promising and nascent sector, allowing offshore wind development where water is too deep for bottom-fixed solutions. France, whose goal is to increase the share of renewable energy to 40% of electricity consumption by 2030, is among the global leaders in the floating offshore wind industry – in which Crédit Agricole CIB also has a strong presence. 

A floating wind pilot project in the French Mediterranean Sea accelerating the energy transition through innovation

The EFGL pilot project regards the construction and operation of three 10MW floating wind turbines, more than 16 km off the coast of the Occitanie Region, in France. The construction started this year and should end 2023.

One of the main objectives of the project is to demonstrate the technical, economic and environmental feasibility of floating offshore wind farms, based in this case on a semi-submersible floater concept. Similar projects will help overcome various technological, industrial, environmental, societal and legal hurdles, in order to prepare the floating offshore wind sector and its stakeholders (including financiers and insurers) to commercial-scale deployment.

One of the first limited recourse financing for a floating offshore wind farm

This transaction was arranged through a multi-source long-term financing plan combining direct EIB loans, EKF covered loans and commercial banking facilities in which Crédit Agricole CIB acted as Financial Advisor, Mandated Lead Arranger, Hedge Provider, Technical Bank, LC issuing Bank, Agent and Facility Agent.

EFGL is a milestone in the development of the floating offshore wind industry as it is one of the first projects to be financed with limited recourse facilities, and the second project in the sector to be supported by the Bank. It is also Crédit Agricole CIB’s first Financial Advisory mandate for a Project in the floating wind industry.

The Bank as a financial partner to support the energy transition

The success of this important transaction highlights once again Crédit Agricole Group’s commitment to making energy transitions accessible to all and accelerating the advent of renewable energies, and Crédit Agricole CIB’s capacity to support innovations that serve the energy transition. Will open in a new tab This is a major contributing factor to the growing market acceptance of this emerging technology, which is expected to be a global success.