IKEA Stores Owner Buys 49% Stake In Swedish Wind Power Projects

August 29, 2022

Ingka Group, the owner of most IKEA stores worldwide, on Monday said it has agreed to buy a 49% 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% of the electricity consumed in Sweden 2021," it said.

Ingka Group already produces more renewable energy than it consumes, having invested around 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.

Source: Reuters
Image source: Pixabay

THE METRO BUSINESS

The Education That Matters: MSBM’s Guide to Thinking, Thriving, and Leading

How MSBM’s Executive Courses Prepare You to Out-think and Outperform the Competition

Jailed US Reporter Gershkovich, to Stand Trial in Russia on Espionage Charges

Tesla to raise Model 3 prices in Europe after higher EU tariffs on China EVs

IKEA Stores Owner Buys 49% Stake In Swedish Wind Power Projects

Top Stories

Insider Tips for Excelling in MSBM’s Online Courses

Strategies for Success: MSBM’s Business Management Insights

Nations are vying to join the BRICS group, according to South Africa, as Russia assumes leadership.

Home Secretary vows to reduce net migration.

Related Posts

Australia: Huge Floating Wind Farms In The Works To Boost Green Energy In Australia

Russian Government Approves Sale Of IKEA Factories

Siemens Gamesa: Builds World’s First Recyclable Wind Turbine Blades

Warren Buffett's MidAmerican Energy Plans $3.9 billion Wind And Solar Project In Iowa