Ashurst advises Source Galileo on investment in Irish & UK offshore wind portfolio
17 October 2023
Global law firm Ashurst has advised Source Galileo, a London and Dublin-based European renewable energy company, in relation to the investment in their portfolio of offshore wind projects in Ireland and the UK from Ingka Investments, the investment arm of Ingka Group, the largest IKEA retailer.
The move sees Ingka Investments secure a 20% stake in the offshore wind project portfolio of Source Galileo, who are developing 10GW of offshore wind to electricity and hydrogen production off the north-western coasts of Europe.
Ingka Investments are already partnered with Source Galileo to develop offshore floating wind in Norway, alongside one of the largest Japanese utilities, the Kansai Electric Power Co., Inc and market-leading Norwegian provider of floating offshore wind technologies, Odjfell Oceanwind, on which Ashurst also advised. Joined together in the UtsiraVIND Consortium, the partners are currently finalising their bid for the upcoming Utsira Nord tender process to develop, build and operate a floating wind farm off the west coast of Utsira in Norway.
The Ashurst team was led by partnersKatie WilliamsandGaby Jones, supported by senior associates Anthony Gray and Naomi Nguyen and associates Kamila Saatova and Ciaran Rutherfurd.
