Dublin and London-based European renewable energy company Source Galileo said Ingka Investments, the investment arm of Ingka Group - the largest IKEA retailer - has invested in its portfolio of offshore wind projects in Ireland and the UK.
The move sees Ingka Investments secure a 20% stake in the offshore wind project portfolio of Source Galileo.
The company is developing 10GW of offshore wind to electricity and hydrogen production off the northwestern coasts of Europe.
This latest investment is part of Ingka Investment's €6.5 billion initiative to support 100% renewable energy consumption across the IKEA value chain and beyond.
It has invested and committed more than €4 billion into renewable energy projects to date.
Ingka Investments are already partnered with Source Galileo to develop offshore floating wind in Norway, with one of the largest Japanese utilities, Kansai Electric Power, and Norway's Odjfell Oceanwind.
Kevin Lynch, CEO of Source Galileo, said the significance of the investment from Ingka is transformational for offshore wind in Ireland and Britain.
He said that Ireland is expected to develop at least 20GW of offshore wind by 2040, starting from pilot projects today, as a contribution to meet Europe's climate goals.
The UK has committed to deploy 50GW of offshore wind by 2030, up from 14GW now, he added.
"The commitment from Ingka Investments, in partnership with Source Galileo, to help deliver on these targets is enormous," he added.
