Ingka Group invests in Australia‘s biggest wind farm

This is the company’s first renewables investment.

Ingka Group, through Ingka Investment, made its first renewable energy investment in Australia’s biggest wind farm.

The retailer acquired a 15% stake in the EUR1.3b stage one of TagEnergy’s Golden Plains Wind Farm near Geelong.

“Sustainability investments are a growth sector, where doing good business and being a good business comes together, and therefore are also a core strategic priority for Ingka Group,” Peter van der Poel, managing director of Ingka Investments, said.

“It is about making the necessary investments to meet sustainability goals and support the IKEA transition to become climate positive and transition to a circular business model, through offering affordable solutions enabling people to live within the planetary boundaries. The investment also increases our ability to support value chain partners with renewable energy.”

The project has a total planned capacity of 1.3 gigawatts and consists of two stages. Once completed, Golden Plains Wind Farm is expected to provide sustainable energy to over 750,000 homes.

Stage one consists of 756 megawatts (122 turbines) with an expected annual production of over 2,000 GWh/yr. Pro-rata to the ownership stake, Ingka Investments will be able to claim up to 15% of the project output of electricity and Renewable Energy Attributes and link it to the local Ingka Climate Footprint.