IKEA's parent company invests heavily in offshore wind power projects-Xinhua

IKEA's parent company invests heavily in offshore wind power projects

Source: Xinhua| 2022-08-29 23:55:15|Editor: huaxia

STOCKHOLM, Aug. 29 (Xinhua) -- The Ingka Group, parent company of Swedish furniture giant IKEA, said on Monday that it had agreed to buy a 49-percent stake in three wind power development projects off the Swedish coast from renewables development company OX2 for 58 million euros (57.5 million U.S. dollars).

The projects, two of which are located in the Baltic Sea and one in Kattegat off the country's southwest coast, are still in an early stage but have the potential to reach an installed capacity of 9,000 megawatts. On an annual basis, this corresponds to an output of 38 terawatt-hours (TWh), which equals more than 25 percent of Sweden's electricity consumption last year.

The Ingka Group said that the sites offer favorable conditions due to strong and stable winds, relatively shallow waters and proximity to the onshore transmission grid.

According to the press release, all permit applications have been submitted for two of the projects, while the third is at an earlier phase.

"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," Peter van der Poel, managing director of Ingka Investments, said in the press release. "We are increasing our global investments and commitments in renewable energy from over 3 billion euros today to 6.5 billion euros before 2030."

The Ingka Group has already acquired 10 projects from OX2 in Sweden, Lithuania, Finland and Poland and now owns 575 wind turbines in 17 countries and regions. The group also owns 20 solar parks and 935,000 solar panels on the roofs of IKEA stores and warehouses. (1 euro = 0.9914 U.S. dollar)