Ingka Group, the holding company which owns most IKEA stores worldwide, has snapped up a 25 per cent stake in one of Germany’s biggest offshore wind farms, after the current owners agreed to sell 80 per cent of their shares to a consortium of investors. IKEA said in a statement it paid more than €200m for quarter stake in the 402MW Veja Mate offshore wind farm, which completed commissioning in the German North Sea in 2017. German asset manager Commerz Real has also paid €200m for 25 per cent of the shares in the project. The project consists of 67 Siemens turbines with a capacity of 6MW each and is estimated to produce enough electricity to power 400,000 average German homes each year, helping avoid more than 18 million tonnes of CO2 from entering the atmosphere over the project’s lifetime. "With this 25 percent stake, we make another step towards our 2020 target about renewable energy production exceeding our energy consumption," said Krister Mattsson, head of Ingka Investments, in reference to IKEA’s green electricity goals. "It supports our sustainability targets, where renewable energy and energy independence play an important role. Investing in wind farms is part of our activities […]

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