Ingka, the majority owner of IKEA stores globally, is venturing into renewable energy investments in South Korea and Japan, targeting offshore wind as the most viable option. Peter van der Poel, managing director of Ingka Investments, highlighted the company’s commitment to decarbonization through renewable energy assets, particularly in Europe.
According to a report by Reuters, van der Poel stated, “We are still actively looking in Europe but we’re also still looking, for instance, in South Korea and in Japan, where we also have presence.”
The lack of current wind or solar investments in the Asian markets, coupled with high land prices, makes offshore wind projects the preferred choice for Ingka’s entry strategy. Japan, in particular, has ambitious offshore wind targets, aiming for 10 gigawatts (GW) of capacity by 2030 and up to 45 GW by 2040.
Ingka Investments has allocated 7.5 billion euros for renewable energy investments by 2030, with 4 billion euros already committed. Presently, the company owns 2.5 gigawatts (GW) of renewable energy capacity.
Despite challenges such as higher costs, inflation, and supply chain bottlenecks in the offshore wind sector, van der Poel emphasized Ingka’s long-term perspective. He stated, “We see that offshore wind is a significant part of the decarbonisation for us, but also for Europe.”
In a recent development, Ingka was part of the winning consortium for Norway’s first commercial offshore wind farm auction, alongside Japanese-backed partner Parkwind. The partners plan to install 90 windmills, each with a capacity of 17 megawatts (MW), aiming for operational status by 2030.
