Beauchamps’ Energy Team were delighted to act as Irish legal advisors to Source Galileo, a Dublin and London-based European renewable energy company, who recently announced that Ingka Investments have secured a major investment in their offshore wind portfolio projects in Ireland and the UK.
Ingka Investments, the investment arm of Ingka Group which represents the majority of Ikea franchised retailers, has secured a 20 per cent stake in Source Galileo's portfolio, as part of their €6.5 billion initiative to support 100 percent renewable energy consumption across IKEA's value chain.
Ainsley Heffernan, Head of Energy and Natural Resources commented saying: "We were delighted to support Source Galileo as its Irish legal advisors on this transaction, which includes 5 large-scale offshore wind farms in Irish waters and 3 in UK waters. Ireland has unrivalled offshore wind resources and, as a late adopter, can benefit from the significant drop in the levelised cost of energy in the offshore wind sector. This investment by Ingka will unlock the potential in the Source Galileo Irish offshore wind portfolio, thereby assisting Ireland in meeting its ambitious offshore wind energy and green hydrogen targets.”
The Beauchamps' team was led by Ainsley Heffernan and supported by Stuart Conaty, John Sweeney, Stephen Dolan and Emma O’Connell.