Ingka Investments acquires 49% stake in three offshore wind development projects from OX2 in Finland, with a total capacity of up to 6,000 MW

The three wind power projects are near Halla, Laine and Trysky in the Gulf of Bothnia in the Baltic Sea and have the potential to produce up to 29 TWh/yr combined, once operational, corresponding to as much as one-third of all electricity consumed in Finland in 2022.

"This cooperation is a further bold move in expanding our investment activities to address climate footprint reduction well beyond our own consumption and into our value chain. We are increasing our global investments and commitments in renewable energy from over EUR 3.5 bn today to EUR 6.5 bn before 2030," said Peter van der Poel, Managing Director of Ingka Investments.

Entering a critical decade for climate action, Ingka Investments has committed to expanding its investments in renewable energy to EUR 6.5 billion as the next step towards 100% renewable energy across the value chain. Since 2009, Ingka Investments has invested over EUR 3 bn into renewable energy projects in wind and solar power, enabling the group to generate more renewable energy than it consumes across its global operations. The aim is to produce 15TWh and support the group’s climate footprint reduction with 6M ton of CO2 compared to the baseline in its fiscal year 2016.

Offshore wind investments can provide a significant contribution to Ingka Group’s ambition to reduce its climate footprint. This is the second offshore wind investment for Ingka Investments.

"We believe that large scale offshore wind production will be a powerful contributor to meet the growing energy demand in the region. I am very happy to reinforce our partnership and we look forward to continuing to drive the transition to renewable energy together with Ingka," said Paul Stormoen, CEO, OX2 AB.

Ingka Investment’s collaboration with OX2 started in 2010. Since then, Ingka Investments has acquired 13 projects from OX2 in Sweden, Lithuania, Finland and Poland.

Ingka Group owns 575 wind turbines in 17 countries, 20 solar parks, and 935,000 solar panels on the roofs of IKEA stores and warehouses. Together, our total renewable energy power totals more than 2.3 GW, equivalent to the annual consumption of over 1.25 million European households.