IKEA stores owner buys 49% stake in Swedish wind power projects

The company’s logo is seen at an IKEA store in Nice, France. REUTERS/Eric Gaillard/File phto

STOCKHOLM  – Ingka Group, the owner of most IKEA stores worldwide, on Monday said it has agreed to buy a 49-percent stake in three wind development projects offshore Sweden from renewables development company OX2 for 58 million euros ($57.5 million).

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

“The projects have the potential to produce up to 38 TWh (terawatt-hours) combined, once operational, corresponding to more than 25 percent of the electricity consumed in Sweden 2021,” it said.

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

It plans to reach 6.5 billion euros in investments by 2030 as part of efforts to increase the use of renewable energy across its supply chain. It owns 575 wind turbines, 20 solar parks, and 935,000 solar panels on the roofs of IKEA stores and warehouses.

($1 = 1.0080 euros)