IKEA owner buys offshore wind stakes in Sweden in €58m deal

The wind farms have a combined potential to generate green electricity equivalent to more than 25% of power consumed in Sweden in 2021

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IKEA’s parent group has bought a 49% stake in three offshore wind development projects in Sweden from OX2 in a deal worth €58 million.

Ingka Investments, the investment arm of Ingka Group, has acquired the interest in Galatea-Galene in Kattegat, Triton in the Baltic Sea south of Sweden and Aurora between the islands Öland and Gotland, which have a combined potential to produce 38TWh of green electricity.

That’s equivalent to more than 25% of power consumed in Sweden in 2021.

Permit applications have been submitted for Galatea-Galene and Triton while Aurora is in an early phase.

Since 2010 when Ingka Investment’s collaboration started with OX2, the company has bought 10 projects in Sweden, Lithuania, Finland and Poland.

Ingka Group owns 575 wind turbines in 17 countries, 20 solar parks and 935,000 solar panels on the roofs of IKEA stores and warehouses.

Together, the company’s renewable energy totals more than 2.3GW – equivalent to the annual consumption of more than 1.25 million households in Europe.

Peter van der Poel, Managing Director of Ingka Investments said: “This co-operation is a bold move in expanding our investment activities to address climate footprint reduction well beyond our own consumption and into our value chain. We are increasing our global investments and commitments in renewable energy from over €3bn today to €6.5bn before 2030.”