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6 July 2022

Ingka Investments increases its investment in German offshore wind park


Ingka Investments, the investment arm of Ingka Group, increases its shareholding in Veja Mate wind park to approx. 33% for EUR 62 million.

In February 2019, a consortium consisting of Ingka Group and Commerz Real as the largest shareholders, together with KGAL and ALH Group indirectly purchased a total of 80 percent of the shares in the Veja Mate offshore wind farm. Now Ingka Investments, Commerz Real, and KGAL have acquired the remaining 20 percent stake from Siemens Financial Services (via Siemens Project Ventures).

By increasing our investment to a 33 percent stake, alongside our consortium partners Commerz Real, KGAL, and ALH Group, we are taking a further step towards becoming climate positive. Once the feed-in tariff expires Ingka Investments aims to make its part of the energy produced available to value chain partners of the Ingka Group. Investing in offshore wind is part of our activities to both support the financial strength of the company and contribute to our climate-positive ambition, says Frederik de Jong, Head of Renewable Energy at Ingka Investments.  

Veja Mate is located about 95 km northwest of the island of Borkum in Germany’s exclusive economic zone in the North Sea. It covers a total area of 51 square kilometers and is the third-largest German offshore wind park in operation, with a total installed capacity of 402 megawatts. Since its commission in 2017, the 67 wind turbines have been generating sustainable electricity equivalent to the consumption of 400,000 households and saving approximately 950,000 tons of carbon dioxide emissions per year.

As part of a EUR 6.5 billion initiative to support 100% renewable energy consumption across the value chain and beyond, Ingka Investments has invested and committed more than EUR 3 billion into renewable energy projects in wind and solar power. 

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-gigawatts, equivalent to the annual consumption of over 1.25 million European households.  

 

Read more about Ingka Group’s sustainability performance and commitments in the new Annual & Sustainability Summary report.

IKEA is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C above pre-industrial levels. This includes a commitment to halve the absolute net GHG (greenhouse gas) emissions from the total IKEA value chain by 2030. We will achieve this by drastically reducing GHG emissions through science-based targets and by removing carbon from the atmosphere through natural processes and storing it in land, plants and products through better forest and agriculture management within the IKEA value chain. We will contribute to further greenhouse emission reductions in society by going beyond IKEA, such as enabling customers to generate renewable energy at home. Read more about the IKEA commitment here. 

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For further information, journalists and media professionals can contact us at press.office@ingka.com or by calling +46 70 993 6376.

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