Ingka Investments has made its second investment in the southern hemisphere’s largest wind project, the 1.1GW Golden Plains Wind Farm in Victoria.
Ingka has taken a 15% stake in Stage 2 of the mega-project that will be the biggest wind farm in the southern hemisphere.
Related article: IKEA owner buys stake in Golden Plains Wind Farm
The first turbines have started spinning at the 756MW Stage 1 of the project—enough to power 765,000 Australian homes.
As Golden Plains Wind Farm Stage 1 is energised, Ingka Investments announces its second investment in the project, taking a 15% stake in the project´s 577MW Stage 2 commencing in June 2024 and is expected to be completed in mid-2027.
The investment continues the partnership with TagEnergy after Ingka Investments secured a 15% stake in Stage 1 in 2023—its first major utility scale renewable energy investment in Australia.
Ingka Investments second investment in Golden Plains Wind Farm is part of its strategic priority to secure long-term access to renewable energy in IKEA Retail countries in Asia Pacific.
Ingka Investments head of renewable energy Frederik de Jong said, “Our 15% stake in Golden Plains Wind Farm Stage 2 highlights our dedication to securing renewable energy for IKEA retail countries and advancing sustainability goals.
Related article: Work starts on Stage 2 of Golden Plains Wind Farm
“This move comes as we are accelerating our investments in renewable energy and circularity to support Ingka Group’s net-zero science-based targets and commitment to reach net-zero by 2050.
It also strengthens our ability to support value chain partners with renewable energy solutions, promoting a sustainable future for all. As a country, Australia has an ambitious renewable energy target, and we are proud this investment can also help to support this goal.”
