Ingka Investments acquires 49% stake in three offshore wind development projects in Sweden from OX2
Ingka Investments, the investment arm of Ingka Group, acquires a 49 percent share in three offshore wind development projects in Sweden, according to the company's release. The projects have the potential to reach a total installed capacity of 9,000 MW. The acquisition price is EUR 58m, according to the company's release.
The three wind power projects are Galatea-Galene in Kattegat, Triton in the Baltic Sea south of Sweden and Aurora between the islands Öland and Gotland. The projects have the potential to produce up to 38 TWh combined, once operational, corresponding to more than 25% of the electricity consumed in Sweden 2021.
For Galatea-Galene and Triton all windfarm permit applications have been submitted, while Aurora is in an early phase where two out of three windfarm permit applications have been submitted. The conditions for offshore wind in the project sites are favorable due to the strong and stable winds, relatively shallow waters and proximity to the onshore transmission grid.
Entering a critical decade for climate action, Ingka Investments has committed to expanding its investments in renewable energy to EUR 6.5 billion as the next step towards 100% renewable energy across the value chain. Since 2009, Ingka Investments has invested over EUR 3 bn into renewable energy projects in wind and solar power, enabling the group to generate more renewable energy than it consumes across its global operations. The aim is to produce 15TWh and support the group’s climate footprint reduction with 6M ton of CO2 compared to the baseline in its fiscal year 2016.
Offshore wind investments can provide a significant contribution to Ingka Group’s ambition to reduce its climate footprint. This is the second offshore wind investment for Ingka Investments.
Ingka Investment’s collaboration with OX2 started in 2010. Since then, Ingka Investments has acquired 10 projects from OX2 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.
