Ingka Investments has announced its second investment in the Golden Plains Wind Farm, a 1,333-megawatt project in Victoria, Australia. It has acquired a 15% stake in Stage 2 of the €2.5 billion initiative, which will become the largest wind farm in the Southern Hemisphere.
The first turbines at Stage 1, which has a capacity of 756 MW and can power approximately 765,000 Australian homes, have begun operating following 20 months of construction. This initial phase includes 215 turbines, each standing 149 meters tall with blades measuring 79 meters.
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As Stage 1 becomes operational, Ingka Investments is moving forward with its 15% stake in the 577 MW Stage 2, which will begin construction in June 2024 and be completed by mid-2027.
This investment builds on Ingka’s existing partnership with TagEnergy, following a 15 percent stake acquisition in Stage 1 in 2023. It marks Ingka’s first major utility-scale renewable energy investment in Australia.
Ingka Investments’ involvement in the Golden Plains Wind Farm aligns with its strategic goal of securing long-term access to renewable energy in IKEA Retail markets across the Asia Pacific.
Like its ownership in Stage 1, Ingka Investments will have the right to claim up to 15 percent of Stage 2’s electricity output, reducing the local Ingka Group’s climate footprint.
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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. 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.”Â
He added, “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.”
Australia’s energy transition is picking up speed with the first electricity delivered to Victoria’s grid from the Golden Plains Wind Farm, the largest in the Southern Hemisphere, now operational at 1,333 MW.
As part of a €7.5 billion initiative to achieve 100 percent renewable energy consumption, Ingka Investments has committed over €4 billion to renewable projects in wind and solar power.
This initiative’s €1 billion is dedicated to innovation and transitional technologies, including energy storage, hydrogen, and grid infrastructure.