IKEA Owner Cleared to Buy Stake in 9 GW Offshore Wind Portfolio

Sweden-headquartered OX2 has secured regulatory clearance to sell a 49 per cent stake in an up to 9 GW portfolio of offshore wind projects to the investment arm of Ingka Group, the largest retailer in the IKEA franchisee system.

The deal is expected to be completed within two weeks.

Under the agreement revealed in August this year, the investment arm of Ingka Group, the largest retailer in the IKEA franchisee system, will buy a stake in three projects under development in Sweden and those are Galatea-Galene wind farm, located off the coast of Halland, Triton wind project, located off the coast of Skåne, and Aurora wind farm, located off the coast of Gotland and Öland.

According to the agreement, OX2 will receive an initial payment of approximately EUR 58 million for the stake. Once the projects receive the necessary permits, it will get up to EUR 100,000 per MW for 49 per cent of the planned total capacity.

All wind farm applications have been submitted for 1.7 GW Galatea-Galene and 1.8 GW Triton while 5.5 GW Aurora is in an early phase where two out of three applications have been submitted, according to the previous news.

Once operational, the offshore wind farms have the potential to produce up to 38 TWh combined, corresponding to more than 25 per cent of the electricity consumed in Sweden in 2021, OX2 said.

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