The investment arm of Ingka Group, the largest IKEA retailer, has invested in Source Galileo’s portfolio of offshore wind projects in Ireland and the UK.
The move sees Ingka Investments secure a 20% stake in the offshore wind project portfolio of Source Galileo, which is developing 10GW of offshore wind to electricity and hydrogen production off the north-western coasts of Europe.
This latest investment is part of Ingka Investment’s €6.5bn initiative to support 100% renewable energy consumption across the IKEA value chain and beyond.
Ingka Investments has invested and committed more than €4bn into renewable energy projects to date.
Ingka Investments are already partnered with Source Galileo to develop offshore floating wind in Norway, alongside one of the largest Japanese utilities, the Kansai Electric Power and Odjfell Oceanwind.
Together in the UtsiraVIND Consortium, the partners are 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.
Kevin Lynch, CEO of Source Galileo, said: “The significance of the investment from Ingka is transformational for offshore wind in Britain and Ireland.
“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.”
Augusta & Co advised Source Galileo on the formation of a multi-territory partnership for offshore wind with Ingka Investments, the investment arm of the IKEA global retail group.