Ingka Group, a company which owns most of the IKEA stores, has bought a 25% stake in an offshore wind farm in Germany.

It has paid more than €200 million (£174m) for the stake in Veja Mate, which consist of 67 turbines with a total capacity of 402MW.

The acquisition is part of a deal in which a consortium, that also includes Commerz Real. Wpd invest and KGAL Group, bought 80% of the wind farm from Siemens Financial Services, highland Group Holdings and Copenhagen Infrastructure.

Krister Mattsson, Head of Ingka Investments at Ingka Group, which owns 367 IKEA stores in 30 markets said: “With this 25% stake, we make another step towards our 2020 target about renewable energy production exceeding our energy consumption. It supports our sustainability targets, where renewable energy and energy independence play an important role.

“Investing in wind farms is part of our activities to support the financial strength of the company and contributes to our climate positive ambition.”