Ingka Investments, the funding arm of Ingka Group, which owns retailer IKEA, has invested in Supply Galileo’s portfolio of offshore wind initiatives in Eire and the UK.
Ingka Investments has secured a 20 per cent stake within the offshore wind undertaking portfolio of Supply Galileo.
The London and Dublin-based firm is growing 10 GW of offshore wind electrical energy off the northwestern coast of Europe.
“The importance of the funding from Ingka is transformational for offshore wind in Britain and Eire,” mentioned Kevin Lynch, CEO of Supply Galileo.
“The UK has dedicated to deploy 50GW of offshore wind by 2030, up from 14GW now. Eire too is predicted to develop a minimum of 20GW of offshore wind by 2040, ranging from pilot initiatives at present, as a contribution to fulfill Europe’s local weather targets.”
The most recent funding from Ingka Funding is a part of the corporate’s EUR 6.5 billion initiative to help 100 per cent renewable vitality consumption throughout the IKEA worth chain and past, mentioned Supply Galileo.
Ingka Investments are already partnered with Supply Galileo to develop offshore floating wind in Norway, alongside one of many largest Japanese utilities, the Kansai Electrical Energy, and Norwegian supplier of floating offshore wind applied sciences, Odjfell Oceanwind.
Joined collectively within the UtsiraVIND Consortium, the companions are presently finalising their bid for the upcoming Utsira Nord tender course of to develop, construct, and function a floating wind farm off the west coast of Utsira.
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