Augusta & Co is delighted to have advised Source Galileo on the formation of a multi-territory partnership for offshore wind with Ingka Investments, the investment arm of the IKEA global retail group.
Ingka will acquire a significant minority stake in Source Galileo’s 7.8GW pipeline of fixed and floating offshore wind development sites in British and Irish waters. The portfolio encompasses eight projects, not least the pioneering production of hydrogen from floating offshore wind in association with ERM Dolphyn, designed to accelerate the energy transition through the use of large-scale low-cost green hydrogen.
The first stage of the partnership was completed in July, with the formation of the four-way UtsiraVIND consortium between Source Galileo, Ingka, Kansai and Odfjell Oceanwind to bid into Norway’s first floating offshore wind tender, Utsira Nord. The partnership with Ingka has now closed the circle on Source Galileo’s full pipeline across Norway, the UK and Ireland.
Kevin Lynch, CEO of Source Galileo, said “The partnership with Ingka is a dramatic validation of Source-Galileo’s vision and strategy for floating and fixed offshore wind. Augusta have done an outstanding job in identifying and negotiating the partnerships both with Ingka and with Kansai, and we look forward to more of the same”.
Simon Clement-Davies, Partner at Augusta said “It has been very exciting to ally Source Galileo’s depth of experience in offshore wind with the immense sustainable capital resources of Ingka. The multi-territory partnership aims to transform a pioneering offshore wind strategy into a leading business in the sector”.
Augusta acted as exclusive financial adviser to Source Galileo.