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Ingka Investments secures stake in Irish & UK offshore wind portfolio

Ingka Group, the largest IKEA retailer, invests in a portfolio managed by Source Galileo which is developing 10GW of offshore wind to electricity and hydrogen production off the northwestern coasts of Europe.

Image: PixabayImage: Pixabay

The latest investment of Ingka Investments, the investment arm of Ingka Group, is part of a EUR 6.5 billion initiative to support 100 percent renewable energy consumption across the IKEA value chain and beyond. Ingka Investments has invested and committed more than EUR 4 billion into renewable energy projects to date and now secures a 20 percent stake in the new portfolio.  

“This partnership is a further step to expand our investment activities to address climate footprint reduction well beyond our retail consumption, and into the IKEA value chain. We are looking forward to working closely with Source Galileo to make a significant contribution to the achievement of Ireland, the UK and Europe’s decarbonised energy goals,” said Frederik de Jong, Head of Renewable Energy at Ingka Investments.

The deal follows the announcement in August that Ingka Investments partnered with Source Galileo to develop offshore floating wind in Norway.

Gina Cassidy, COO of Source Galileo confirmed: “With Ingka Investments on board, our offshore portfolio can generate substantial clean renewable energy direct to homes and businesses across Ireland and the UK, in addition to bringing economic benefits to local communities through job creation and support for clean energy infrastructure. We welcome the opportunity to work with government bodies in Ireland and the UK to expedite national policies and supply chains to allow the industry to reach its full potential.”

Ingka Investments
Windfair Editors
Ingka Group, IKEA; retailer, UK, Ireland, offshore, wind energy, portfolipo, share, stake, Source Galileo, Europe, Norway

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