Ingka Investments has made its second investment in the 1,333 MW Golden Plains Wind Farm in Victoria, Australia, taking a 15% stake in Stage 2 of the €2.5 billion project slated to be the biggest wind farm in the southern hemisphere.
The first turbines have started spinning at the 756 MW Stage 1 of the project, with the first power export following 20 months of construction. The project consists of 215 turbines that stand 149 meters high with 79-meter blades.
Ingka’s second investment is a stake in the project´s 577 MW Stage 2, commencing in June and is expected to be completed in 2027.
The investment continues the partnership with TagEnergy after Ingka Investments secured a 15% stake in Stage 1 last year, marking the company’s first major utility-scale renewable energy investment in Australia.
Similar to its pro-rata ownership stake in Stage 1, Ingka Investments will be able to claim up to 15% of Stage 2’s output of electricity and use it to reduce the local Ingka Group climate footprint, including its IKEA retail locations.
“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,” says Frederik de Jong, Ingka Investments’ head of Renewable Energy.
“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.”
