Commerzbank, KGAL and Ingka Investments completed the acquisition of Veja Mate Offshore Project from Siemens.

Commerzbank, an international commercial bank, KGAL, an investment firm, and Ingka Investments, an investment arm of Ingka Group, completed the acquisition of Veja Mate Offshore Project from Siemens, a venture capital firm. Financial terms were not disclosed. “By increasing our investment to a 33 percent stake, alongside our consortium partners Commerz Real, KGAL, and ALH Group, we are taking a further step towards becoming climate positive. Once the feed-in tariff expires Ingka Investments aims to make its part of the energy produced available to value chain partners of the Ingka Group. Investing in offshore wind is part of our activities to both support the financial strength of the company and contribute to our climate-positive ambition,” Frederik de Jong, Ingka Investments Head of Renewable Energy.