IKEA Owner Ingka Investments Partners with Avapa Energy for Floating Offshore Wind Projects in Italy
IKEA owner Ingka Investments and French offshore wind developer Oxan Energy have partnered with Avapa Energy on two floating offshore wind development projects in Italy.
The projects have the potential to reach a total installed capacity of 2.45GW. The two offshore wind projects will be named Sicily South and Sardinia Northwest.
Project Details
The Sicily South offshore wind farm is located in the Sicily Channel, some 25 km from the nearest coast of Agrigento. It has up to 76 turbines and a planned installed capacity of 1,140MW.
The Sardinia Northwest offshore wind farm is located northwest of Sardinia and extends for 364 sq km, with a potential capacity of around 1.35GW.
The two projects, among five others, are in an early development stage and have been initiated by AvenHexicon, a joint venture between Avapa and Hexicon.
Ingka and Oxan have acquired Hexicon’s 50% stake in the two projects for an upfront payment of €2.5m. Due to certain conditions, the total potential consideration could reach €20m.
The projects will continue to be developed through a partnership between NexVenti, a joint venture between Ingka Investments and Oxan Energy, and Avapa.
This is not the first partnership between Ingka Investments and Avapa Energy. They have been working together in Italy since 2023 when they developed solar PV projects in the regions of Veneto, Puglia, Molise, Sicily, and Sardinia.
On the other hand, Ingka and Oxan have already partnered for the upcoming offshore wind tender in France.