Ikea buys 7 windfarms in £120.5 million deal

Ben StevensNews Sustainable Tech

Ikea’s parent company Ingka Group has bought a majority stake in seven windfarms in a deal worth €136 million (£120.5 million) as part of its “climate positive ambition”.

Ingka will own an 80 per cent stake in seven Romanian windfarms if the deal receives regulatory approval, including a total of 64 wind turbines creating 171 megawatts of power.

According to Ikea, this is enough to power 65 Ikea stores or 150,000 Romanian households, and exceeds the electricity consumption of Ikea’s supple chain in the region.

READ MORE: Ikea launches new app to prepare it for “a new shopping era”

“The 80% stake supports our target to generate as much renewable energy as we consume and the investment brings us one step closer to reaching our 2020 goal,” Ingka Investment’s managing director Krister Mattsson said.

“Investing in renewable energy is part of our financial assets management and fully supports our sustainability targets and is part of our activities to contribute to our climate positive ambition.

“We maintain high ambitions for renewable energy generation where we aim to generate more renewable energy than we consume, so we will continue to invest in renewable energy across our operations”.

Ingka will now own and operate 534 wind turbines in 14 countries, alongside 900,000 solar modules.

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Ben StevensNews Sustainable Tech

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