Ingka invests in Source Galileo's offshore wind portfolio

Ingka Investments, the investment arm of Ingka Group, the largest IKEA retailer has invested in renewable energy company Source Galileo's offshore wind portfolio in Ireland and the UK.

Ingka Investments will have a 20% stake in the offshore wind project portfolio of Source Galileo, who are developing 10GW of offshore wind to electricity and hydrogen production off the northwestern coasts of Europe. 

This latest investment is part of Ingka Investment’s €6.5 billion ($6.87 billion) initiative to support 100 percent renewable energy consumption across the IKEA value chain and beyond.

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Gina Cassidy, COO of Source Galileo said, “With Ingka Investments on board, our offshore portfolio can generate substantial clean renewable energy direct to homes and businesses across Ireland and the UK, in addition to bringing economic benefits to local communities through job creation and support for clean energy infrastructure..."

“This partnership is a further step to expand our investment activities to address climate footprint reduction well beyond our retail consumption, and into the IKEA value chain.  We are 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” said Frederik de Jong, head of renewable energy at Ingka Investments.

Ingka Investments is already partnered with Source Galileo to develop offshore floating wind in Norway, alongside Japanese utility, Kansai Electric Power Co., Inc and Norwegian provider of floating offshore wind technologies, Odjfell Oceanwind.