Ikea Buys Stake in Three Swedish Offshore Wind Projects From OX2

Ingka Investments, the investment arm of Ikea’s biggest retailing group, has acquired a 49% stake in three Swedish offshore wind projects with the potential to produce more than a quarter of the country’s electricity needs.

The projects with a target installed capacity of 9,000 megawatts are being sold by Stockholm-based OX2 AB, which will receive an initial payment of 610 million kronor ($57 million) from the flat-pack furniture retailer, as well as potential further payments as the projects progress. OX2 has previously sold nine wind farms and one solar farm to the Ingka Group.