The owner of IKEA stores buys a 49% stake in Swedish wind energy projects

STOCKHOLM (Reuters) – Ingka Group, owner of most of the world’s IKEA stores, said on Monday it had agreed to buy a 49% stake in three offshore wind development projects in Sweden from renewable energy developer OX2 for 58 million euros ( USD 57.5 million).

Ingka Investments, the investment arm of Ingka Group, said in a statement that the early-stage projects – two in the Baltic Sea and one on the southwest coast – have the potential to achieve a total installed capacity of 9,000 megawatts (MW).

“The projects have the potential to produce a total of up to 38 TWh (terawatt hours) once operational, equivalent to over 25% of the electricity consumed in Sweden in 2021.” – stated.

The Ingka Group already produces more renewable energy than it consumes, having invested around €3 billion in wind and solar projects since 2009.

It plans to achieve investments worth €6.5 billion by 2030 as part of efforts to increase the use of renewable energy throughout the supply chain. It owns 575 wind turbines, 20 photovoltaic parks and 935,000 solar panels on the roofs of IKEA stores and warehouses.

($1 = 1.0080 euros)

(Reporting by Anna Ringstrom, editing by Stine Jacobsen)