Ingka Investments, the investment arm of Ingka Group, the parent company of IKEA, has finalized the acquisition of a 15% stake in the first stage of TagEnergy SA's Golden Plains Wind Farm in Victoria, Australia, according to a statement released on Friday.
This marks Ingka Investments' inaugural venture into the Australian renewable energy market, providing the group with a strategic foothold for accessing renewable energy in IKEA Retail countries across Asia. Financial details of the transaction were not disclosed.
The AUD-2-billion first-stage project, known as Golden Plains Wind Farm East, is presently under construction approximately 60 km northwest of Geelong. Once completed, it will be part of a larger 1.3-GW complex capable of generating over 4,000 GWh of electricity annually, sufficient to power more than 750,000 local households.
Scheduled for completion by the end of 2025, the initial stage of the wind farm will feature 122 Vestas turbines. The project has already secured power purchase agreements (PPAs) for 60% of its output, along with large-scale generation certificates (LGCs) from Snowy Hydro and Equinix.
Ingka Investments' 15% ownership stake in the project enables it to claim a proportionate share of the total output and associated renewable energy attributes, aligning with its commitment to support local climate objectives.
Meanwhile, the second stage, Golden Plains Wind Farm West, is slated to commence construction later this year, encompassing 93 turbines with a total capacity of 576 MW. The complex will also incorporate 300 MW of battery energy storage capacity, further enhancing its contribution to the region's renewable energy landscape.