Ingka Explores Renewable Investment Opportunities in South Korea and Japan
Nora Buli Reports on Ingka’s Renewable Energy Expansion Plans
Ingka, the majority owner of IKEA stores globally, is venturing into renewable energy investments in South Korea and Japan. The head of its investment arm, Peter van der Poel, shared that offshore wind projects are the most promising option for the company.
Ingka Investments’ Growth in Renewable Energy Sector
Van der Poel highlighted that Ingka Investments has become a significant player in Europe’s renewable energy market to reduce carbon emissions in its operations and supply chain. The company is now eyeing opportunities in South Korea and Japan for further expansion.
Focus on Offshore Wind Projects in Asia
While Ingka currently has no wind or solar investments in South Korea or Japan, the high land prices in these countries make offshore wind projects more feasible. Japan has ambitious targets for offshore wind power installations, providing a favorable landscape for Ingka’s investment plans.
Ingka’s Renewable Investment Commitment
With a 7.5 billion euros earmarked for renewable energy investments by 2030, Ingka has already committed 4 billion euros to the cause. The company currently owns 2.5 gigawatts of renewable energy capacity and is looking to expand its portfolio in Asia.
Long-Term Vision Amid Industry Challenges
Despite challenges such as higher costs, inflation, and supply chain disruptions in the offshore wind sector, Van der Poel emphasized Ingka’s long-term perspective. He sees offshore wind as a crucial element in decarbonizing not only Ingka’s operations but also Europe as a whole.
Winning Bid for Norway’s Offshore Wind Farm
Recently, Ingka was part of the winning consortium for Norway’s first commercial offshore wind farm auction. The partnership aims to install 90 windmills with a capacity of 17 megawatts each, targeting operational readiness by 2030.
Image Source: A man tries out a sofa at an Ikea store in Gwangmyeong, South Korea, February 3, 2016. Picture taken February 3, 2016. REUTERS/Kim Hong-Ji/File Photo
