Ingka Group – the owner of furniture giant Ikea – made another huge foray into offshore wind with a deal to buy a near half-stake in a trio of Finnish projects that could deploy 6GW.
Sweden-based Ingka Investments will buy 49% of the Halla, Laine and Tyrsky projects in the Gulf of Bothnia from OX2, the Scandinavian developer with which it has already concluded a string of renewable energy investment deals.
The three projects are seen as among the most advanced in Finnish waters and could be in action before the end of the decade with, according to the new development partners, the potential to supply 29TWh, or one-third of Finland’s power consumption last year.
OX2 CEO Paul Stormoen said: "We believe that large scale offshore wind production will be a powerful contributor to meet the growing energy demand in the region.”
Ingka said it will pay €30m ($33m) for the stakes, with it and OX2 then sharing the development costs of steering the giant projects into service.
The Ikea parent has emerged as a big investor in renewables globally and in particular in Scandinavia with OX2. It last year announced a deal for a stake in a 9GW offshore wind portfolio the developer is advancing off Sweden.
Ingka said it plans to invest a total of €6.5bn in renewables by 2030.
Finland is now established as an aspiring offshore wind hotspot, with plans for first tenders as soon as this year.
