Ingka Group, which owns the most IKEA stores globally, will take a 15% stake in TagEnergy’s $2 billion Golden Plains Wind Farm in its first renewable energy investment in Australia.
The overall project has a total planned capacity of 1.3GW and consists of two stages. Once complete, Golden Plains Wind Farm will provide sustainable energy for more than 750,000 homes.
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Stage one consists of 756MW (122 turbines) with an expected annual production of over 2,000GWh/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.
TagEnergy and the original developer Westwind are also preparing for construction of stage two (576MW/93 turbines) and a 300MW battery storage facility that will add flexibility and stability to the electricity grid.
Ingka Investments managing director Peter van der Poel said, “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. 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.”
TagEnergy managing partner Andrew Riggs said attracting principled investment from a like-minded partner reflected the effectiveness of the company’s innovative business model and its commitment to helping the world reach net zero emissions sooner.
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“We welcome Ingka Investments as a partner in its first renewable energy investment in Australia. Golden Plains 1 is a globally significant project that will accelerate the transition to net zero carbon emissions,” Riggs said.
“We are proud to join forces with an innovative, global company that shares our belief in sustainable investments with purpose.”
