In a groundbreaking move for the renewable energy sector, Ingka Investments, the investment arm of Ingka Group, the largest IKEA retailer, has announced a substantial investment in the offshore wind projects of Source Galileo, a European renewable energy company based in London and Dublin.
This strategic investment secures Ingka Investments a 20% stake in Source Galileo's offshore wind project portfolio, which aims to develop an impressive 10GW of offshore wind capacity for electricity and hydrogen production along the northwestern coasts of Europe. It is a significant step in aligning with the ambitious renewable energy goals set by both the UK and Ireland.
Ingka Investments' commitment to this venture is part of its EUR 6.5 billion initiative to support 100% renewable energy consumption across the IKEA value chain and beyond. With a track record of investing over EUR 4 billion in renewable energy projects, Ingka Investments is actively contributing to a more sustainable future.
This partnership follows an existing collaboration between Ingka Investments and Source Galileo to develop offshore floating wind solutions in Norway. Working in tandem with the Kansai Electric Power Co., Inc and Odjfell Oceanwind, they form the UtsiraVIND Consortium and are poised to bid for the Utsira Nord tender process. Their collective goal is to establish a floating wind farm off the west coast of Utsira in Norway.
Kevin Lynch, CEO of Source Galileo, emphasized the transformative impact of Ingka Investments' involvement in the offshore wind sector in Britain and Ireland. Both countries have set ambitious targets for offshore wind energy, and this partnership will play a pivotal role in achieving these objectives.
Gina Cassidy, COO of Source Galileo, highlighted the multiple benefits of the partnership. Not only will their offshore portfolio generate clean renewable energy for homes and businesses in Ireland and the UK, but it will also stimulate local job creation and support clean energy infrastructure, fostering economic growth and environmental sustainability.
Frederik de Jong, Head of Renewable Energy at Ingka Investments, expressed the company's commitment to reducing its carbon footprint. This partnership extends their investment activities beyond retail consumption, contributing to the decarbonization of Ireland, the UK, and Europe.
The collaboration between Ingka Investments and Source Galileo marks a significant milestone in the journey toward a more sustainable and renewable energy future for Europe.
Source: sourcegalieo.com