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Q Energy has acquired a stake in the capital of Pennavel, a project company established by a consortium composed of Elicio and BayWa r.e., which is developing a floating wind project in France.
Q Energy, a subsidiary of the South Korean industrial group Hanwha, joins the existing shareholders in developing the floating wind farm off southern Brittany, which is planned to have an installed capacity of at least 250 MW.
“The arrival of Q ENERGY is a strong signal for Pennavel. It confirms the solidity of its fundamentals and the relevance of the work undertaken for more than 18 months by the team. We are delighted to welcome a new experienced shareholder who shares our values and our commitments to a pioneering, ecological and value-creating project” , said Jérôme Hilt , director of the Pennavel project.
The Pennavel floating wind project was awarded in 2024 under France’s AO5 tender, the country’s first commercial-scale floating offshore wind auction.
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The project, which is expected to be commissioned towards the end of the decade, is said to benefit from a secured grid connection with RTE, the French transmission system operator (TSO), which is responsible for the transmission assets, including the offshore substation and export cables.
Q Energy has already partnered with Elicio in France through the Astenn Avel consortium that plans to participate in the AO9 tender with a 500 MW floating wind project proposed to be built in the immediate vicinity of the Pennavel (AO5) site .