# IKEA stores owner buys 49% stake in Swedish wind power projects
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-29
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Ingka Group Invests in Wind Projects Offshore Sweden | IKEA
Meta Description: Ingka Group, owner of most IKEA stores, invests in offshore wind projects with potential to produce 38 TWh of electricity, boosting renewable energy efforts.
URL: https://financedigest.com/ikea-stores-owner-buys-49-stake-in-swedish-wind-power-projectshtml

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](https://www.financedigest.com/sse-to-invest-122-million-in-scottish-pumped-hydro-project.html "SSE to invest 2 million in Scottish pumped hydro project") 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](https://www.financedigest.com/petrofac-hitachi-energy-receive-14-billion-agreement-from-tennet.html "Petrofac, Hitachi Energy receive  billion agreement from TenneT") across its supply chain. It owns 575 wind turbines, 20 solar parks, and 935,000 solar panels on the roofs of [IKEA stores](https://www.financedigest.com/ikea-stores-owner-ingka-says-campaigns-help-boost-store-visits-and-sales.html "IKEA stores owner Ingka says campaigns help boost store visits and sales") and warehouses.

($1 = 1.0080 euros)

(Reporting by Anna Ringstrom, editing by Stine Jacobsen)


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