IKEA Owner- Ingka Group Buys 49% Stake in Swedish Wind Power Projects

Ingka Investments, the investment arm of Ingka Group that owns IKEA stores worldwide, has announced that it has acquired a 49 per cent share in three offshore wind development projects from OX2 in Sweden for a price of €58 million. The official statement of Ingka held that the power generating potential of the three offshore wind farms could reach 9,000 MW.

Ingka said that the acquisition marks its second offshore wind investment. The three projects are: Galatea-Galene in Kattegat, Triton in the Baltic Sea (Sweden) and Aurora between the two islands of Öland and Gotland.

Ingka held that once all the projects are operationalized, they could produce up to 38 TWh combined which is more than 25% of electricity consumed in Sweden last year. All wind farm permit applications are submitted for both Galatea-Galene and Triton projects. With regards to Aurora only two out of three permit applications have been submitted.

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Since 2010, Ingka Investments has acquired 10 projects from OX2 in Sweden, Lithuania, Finland and Poland.

Peter van der Poel, Managing Director, Ingka Investments, held, “This cooperation 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 €3 billion today to €6.5 billion before 2030.”

Ingka said that it has committed to expand its investments in renewable energy to €6.5 billion as the next step towards 100% renewable energy across the value chain. Ingka Investments has invested over €3 billion into renewable energy projects in wind and solar power since 2009, enabling the group to generate more renewable energy than it consumes across its global operations.

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Paul Stormoen, CEO, OX2 AB, stated, “We have received great interest from the market to join us on the important mission of introducing large scale offshore wind production to the Swedish energy system.”

“Once established the wind farms will create long-term jobs and business opportunities both locally and regionally as the need for access to renewable electricity increases,” he added.

At present, Ingka Group owns 575 wind turbines, 20 solar parks, and 935,000 solar panels on the roofs of IKEA stores and warehouses that generate over 2.3 GW of green energy.