IKEA Ventures Into Offshore Wind

Ingka Group, the largest IKEA franchisee with 367 IKEA stores in 30 markets, has acquired a 25% stake in the 402MW Veja Mate offshore wind farm in the German North Sea.

Ingka Group is part of a consortium which recently bought an 80% stake in Veja Mate Offshore Project GmbH, the owner and operator of the wind farm.

The consortium also includes Commerz Real, wpd invest, and KGAL. As the largest stakeholders in the consortium, Commerz Real, a member of Commerzbank Group, and Ingka Group have acquired a stake of more than EUR 200 million each in the project company.

“With this 25% stake, we make another step towards our 2020 target about renewable energy production exceeding our energy consumption,” said Krister Mattsson, Head of Ingka Investments, Ingka Group.

”It supports our sustainability targets, where renewable energy and energy independence play an important role. Investing in wind farms is part of our activities to support the financial strength of the company and contributes to our climate positive ambition.” 

Veja Mate is located in Germany’s exclusive economic zone in the North Sea about 95 kilometres to the North West of the island of Borkum and covers a total area of 51 square kilometres. The wind farm comprises 67 Siemens 6MW wind turbines which have been operational since May 2017.

In accordance with Germany’s Renewable Energy Act (EEG 2014), a 20-year promotional period through to 2037 is foreseen for the feed-in tariff.

The remaining 20% stake in Veja Mate Offshore Project GmbH is controlled by Siemens Financial Services. Siemens Gamesa will continue to provide technical assistance under a full-service agreement.