IKEA Parent Company Invests in Source Galileo Offshore Wind Portfolio

Business & Finance

October 17, 2023, by Adnan Memija

Ingka Investments, the investment arm of Ingka Group, which owns retailer IKEA, has invested in Source Galileo’s portfolio of offshore wind projects in Ireland and the UK.

Ingka Investments has secured a 20 per cent stake in the offshore wind project portfolio of Source Galileo.

The London and Dublin-based company is developing 10 GW of offshore wind electricity off the northwestern coast of Europe.

“The significance of the investment from Ingka is transformational for offshore wind in Britain and Ireland,” said Kevin Lynch, CEO of Source Galileo.

“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 latest investment from Ingka Investment is part of the company’s EUR 6.5 billion initiative to support 100 per cent renewable energy consumption across the IKEA value chain and beyond, said Source Galileo.

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 Norwegian provider of floating offshore wind technologies, Odjfell 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.