IKEA parent Ingka Group’s investment arm, Ingka Investments, announced today the acquisition of a 49% stake in three offshore wind farms development projects in Sweden from renewable energy developer OX2, with total potential capacity of 9GW, or up to 38 TWh, more than 25% of the electricity consumed in Sweden annually.

Total consideration for the acquisition is €58 million.

The acquisition follow a commitment by Ingka Investments in 2021 to expand its investments in renewable energy to €6.5 billion by 2030. Ingka has already invested €3 billion in renewables since 2009, and currently owns and manages 547 wind turbines, and 10 solar parks in 15 countries and 935,000 solar panels on the roofs of IKEA stores and warehouses, with total installed capacity of more than 1.7 GW.

Peter van der Poel, Managing Director of Ingka Investments, said:

“This cooperation is a bold move in expanding our investment activities to address climate footprint reduction well beyond our own consumption and into our value chain. We are increasing our global investments and commitments in renewable energy from over EUR 3 bn today to EUR 6.5 bn before 2030.”

Ultimately, Ingka Group aims to generate more renewable energy than it consumes across its global operations, with its target to produce 15TWh supporting its emissions reduction goals.

The deal marks the second offshore wind investment for the group, following its investment in Germany’s Veja Mate wind park in 2019 (increased to €62 million earlier this year), and a continuation of its collaboration with OX2. Since 2010, Ingka Investments has acquired 10 projects from OX2 in Sweden, Lithuania, Finland and Poland.

Paul Stormoen, CEO, OX2 AB, said:

“We have received great interest from the market to join us on the important mission of introducing large scale offshore wind production to the Swedish energy system. I am happy and proud that we have now concluded the agreement with Ingka Investments and based on our history of having realized 10 wind and solar projects together, we are confident that this partnership will be successful.”