Ingka Investments joins UtsiraVIND, a dynamic offshore wind consortium committed to advancing Norwegian renewable energy.
“This partnership is a further step to expand our investment activities to address climate footprint reduction well beyond our retail consumption, and into the IKEA value chain. We are looking forward to working closely with our Utsira partners to make a significant contribution to the Norwegian Government’s renewable energy goals”
– Frederik de Jong, Head of Renewable Energy at Ingka Investments
The UtsiraVIND Consortium was first established as a partnership between ODFJELL OCEANWIND, a market-leading Norwegian provider of floating offshore wind technologies, and SOURCE GALILEO, a fast-growing European renewable energy platform, concentrating on offshore wind development. Today, the consortium is further strengthened as two new partners join; KANSAI, one of the largest Japanese utility companies and global investor in renewable energy, and Ingka Investments, the investment arm of Ingka Group, the largest IKEA retailer. The expanded consortium will be bidding into the Utsira Nord floating offshore wind tender process in September 2023.
Driven by the shared vision of a greener energy future, the consortium brings together proprietary technology in floating structures, electrical engineering, financial strength, and extensive offshore wind experience.
The Consortium will now seek to progress their bid in the upcoming Utsira tender process to develop, build and operate a floating wind park on Utsira Nord using Odfjell Oceanwind’s proprietary solutions. The Utsira Nord seabed lies 32km offshore in the North Sea where floating wind turbines in water depths of 180 to 280m are foreseen to be developed in the first round for a total capacity of 1.5GW.
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 Ingka Investments’ fourth investment in offshore wind and first participation in an offshore wind public tender process.
Read more about Ingka Group’s sustainability performance and commitments in the new Annual & Sustainability Summary report.
IKEA climate positive means to reduce more greenhouse gas (GHG) emissions than the IKEA value chain emits by 2030, while growing the IKEA business. 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 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.
About Ingka Group
With IKEA retail operations on 31 markets, Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Read more on Ingka.com.