IKEA Investment Arm Secures Norwegian Offshore Wind Project

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Ventyr, a consortium consisting of Parkwind and Ingka Investments, the investment arm of Ingka Group, the largest IKEA retailer, has announced its success in the Norwegian auction for the development of the Sørlige Nordsjø II phase 1 offshore project area in the Southern Norwegian North Sea.

According to a media statement by Parkwind, part of the investment arm of IKEA, Sørlige Nordsjø II project represents a critical step towards Norway’s goal of awarding 30 GW of offshore wind power by 2040. With the first turbines expected to be operational by 2030, this 1.5GW wind farm will play a crucial role in advancing the country’s renewable energy transition.

“We are thrilled to have secured the winning bid for the Sørlige Nordsjø II project,” said Jorne Bluekens, Project Manager at Ventyr. He also added, “This achievement underscores our commitment to driving positive change through renewable energy innovation. We look forward to working closely with our partners and stakeholders to bring this project to fruition and deliver tangible benefits to the local community.”

The Norwegian project emphasises local ripple effects, ensuring that communities in the vicinity of the wind farm benefit from economic opportunities and job creation. Through strategic partnerships and community engagement, we are dedicated to fostering long-term prosperity and growth in the region, said the media release by IKEA investment arm.

For Ingka Investments this partnership is part of a EUR 6.5 billion initiative to support 100 percent renewable energy consumption across the IKEA value chain and beyond. Ingka Investments has invested and committed EUR 4 billion into renewable energy projects to date.

On the Norwegian offshore wind project, “In NorSea we are proud and excited to be a partner in this winning project. We are looking forward to supporting the consortium with NorSea’s experience gained through six decades of the offshore industry and converting this into a new energy and industry chapter for Norway, creating jobs and building competence”, says John E. Stangeland, CEO of NorSea.

”This is an important milestone in Norway’s offshore wind journey, and Parkwind is proud to be playing a key role in the development of Sørlige Nordsjø,” said François Van Leeuw, co-CEO of Parkwind. “We have a long track record of delivering successful offshore wind farms in the North Sea and look forward to bringing a new clean energy project to life in Norwegian waters,” he added.

As part of a EUR 7.5 billion initiative to support 100 percent renewable energy consumption across the value chain and beyond, Ingka Investments, of IKEA, has invested and committed more than EUR 4 billion into renewable energy projects in wind and solar power. Out of the EUR 7.5 billion initiative, EUR 1 billion is committed to investments in innovation and transitional technologies, such as energy storage, hydrogen as energy carrier, or grid infrastructure, stated the media release by Parkwind related to the Norwegian wind project.

”We are delighted about the results of this first Norwegian auction. This is yet another investment that will enable a climate footprint reduction well beyond our retail consumption and into the IKEA value chain, and also support the transition to a renewable future. Offshore wind has a huge potential to contribute to Europe’s decarbonised energy goals, and we are looking forward to the next steps of this partnership”, said Frederik de Jong, Head of Renewable Energy at Ingka Investments.