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IKEA Parent Company Invests $300M In Aussie Wind Farm

Ingka Group, parent company for department store giant IKEA, has taken a 15 per cent stake in the $2 billion Golden Plains Wind Farm near Geelong.

This marks the first renewable energy investment for Ingka Investments in Australia, and comes as the company moves towards IKEA’s commitment to become climate positive by 2030, and net-zero by 2050.

The overall project has a total planned capacity of 1.3GW. Once complete, Golden Plains Wind Farm will provide sustainable energy for more than 750,000 homes – the equivalent of every home in regional Victoria.

Mirja Viinanen, CEO and CSO of IKEA Australia, explains: “The company is increasing efforts to invest in renewable energy production in countries where the output can be used to help reduce the footprint of Ingka Group, its value chain partners, or customers within the Ingka Climate Footprint.

“Understandably Australia has been identified as a location with rich potential for renewable investments and this agreement is the first for Ingka Investments in this country.”

Peter van der Poel, managing director of Ingka Investments, adds: “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.”

The facility is expected to be fully operating by the end of 2025.

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