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IKEA stores owner buys 49% stake in Swedish wind power projects
Global Banking & Finance Review®
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STOCKHOLM (Reuters) – 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).
STOCKHOLM (Reuters) – 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.
($1 = 1.0080 euros)
(Reporting by Anna Ringstrom, editing by Stine Jacobsen)
Renewable energy is energy derived from natural sources that are replenished at a faster rate than they are consumed. Common sources include solar, wind, hydroelectric, and geothermal energy.
A wind power project involves the installation of wind turbines to generate electricity from wind energy. These projects can be onshore or offshore and contribute to renewable energy production.
Installed capacity refers to the maximum output that a power plant can produce under specific conditions. It is usually measured in megawatts (MW) or gigawatts (GW).
A terawatt-hour (TWh) is a unit of energy equivalent to one trillion watt-hours. It is commonly used to measure large-scale energy production or consumption over time.
An investment arm is a subsidiary or division of a company that focuses on making investments in various assets, including stocks, bonds, real estate, or renewable energy projects.
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