IKEA owner Ingka Investments has invested in an offshore wind project portfolio in Ireland and the UK with a 20% stake acquisition.
The portfolio is managed by Source Galileo, a London and Dublin-based European renewable energy company, which is developing 10GW of offshore wind to electricity and hydrogen production off the northwestern coasts of Europe.
The latest investment is part of a EUR 6.5bn initiative to support 100% renewable energy consumption across the IKEA value chain and beyond. Ingka Investments has invested and committed more than EUR 4bn into renewable energy projects to date.
The deal follows the announcement in August that Ingka Investments partnered with Source Galileo to develop offshore floating wind in Norway, alongside Japanese utility Kansai Electric Power, and Norwegian floating offshore wind tech provider Odfjell Oceanwind.
Joined together in the UtsiraVIND Consortium, the partners are currently finalising their bid for the upcoming Utsira Nord tender process to develop, build and operate a floating wind farm off the west coast of Utsira in Norway.
“The UK has committed to deploy 50GW of offshore wind by 2030, up from 14GW now. Ireland too is expected to develop at least 20GW of offshore wind by 2040, starting from pilot projects today, as a contribution to meet Europe’s climate goals. The commitment from Ingka Investments, in partnership with Source Galileo, to help deliver on these targets is enormous,” Kevin Lynch, CEO of Source Galileo, said.
