Ikea investment arm secures stake in Irish and UK offshore wind portfolio

Ingka Investments, the investment arm of Ingka Group which represents the majority of Ikea franchised retailers, has announced a significant investment in its offshore wind portfolio in Ireland and Britain.

Ingka Investments has secured a 20 per cent stake in the offshore wind portfolio of Source Galileo, a London and Dublin-based renewable energy company.

Source Galileo is currently developing 10GW of offshore wind to electricity and hydrogen production off the northwestern coasts of Europe.

Kevin Lynch, chief executive of Source Galileo, said that the investment from Ingka is “transformational for offshore wind in Britain and Ireland”.

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“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,” he said.

The investment is part of Ingka Investments’ €6.5 billion initiative to support 100 per cent renewable energy consumption across the IKEA value chain and beyond.

Frederik de Jong, head of renewable energy at Ingka Investments, said the company is “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”.

Ingka Investments is one of three business areas operated by Ingka Group, with another being IKEA Retail operations in 31 markets. Under the Ikea franchise model this makes Ingka Group the largest IKEA retailer, representing about 90 per cent of IKEA retail sales.