Ingka Investments has made its second investment in the 1,333MW Golden Plains Wind Farm in Victoria, Australia, taking a 15 percent stake in Stage 2 of the 2.5 billion EUR mega-project that will be the biggest wind farm in the southern hemisphere.
“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”
– Frederik de Jong, Ingka Investments Head of Renewable Energy
The first turbines have started spinning at the 756MW Stage 1 of the project – enough to power 765,000 Australian homes. The first power export followed 20 months of construction. The project consists of 215 turbines that stand 149 metres high with 79 metres blades.
As Golden Plains Wind Farm Stage 1 is energised, Ingka Investments announces its second investment in the project, taking a 15 percent 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 per cent 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 another significant step in its strategic priority to secure long-term access to renewable energy in IKEA Retail countries in Asia Pacific. Similar to its pro-rata ownership stake in Stage 1, Ingka Investments will be able to claim up to 15 percent of Stage 2’s output of electricity and use it to reduce the local Ingka Group climate footprint.
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. 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.”
Mirja Viinanen, CEO and Chief Sustainability Officer, IKEA Australia, said, “We believe the future of energy is renewable, and Australia has such rich potential to harness these sources, especially wind and solar. As we work to reduce our climate footprint in our retail operations, we’re investing in renewable energy through onsite generation at our stores and distribution centre and switching to renewable energy for heating and cooling in our buildings. This investment from Ingka Investments will not only help reduce our local footprint, but it also contributes to further growth in the Australian renewable energy sector.”
Australia’s energy transition has accelerated with the first electricity delivered to Victoria’s grid from the southern hemisphere’s biggest wind farm after the 1,333MW Golden Plains Wind Farm commenced operations.
TagEnergy CEO Franck Woitiez said, “We are proud to continue our partnership with Ingka Investments – a likeminded partner that shares our belief in sustainable investments with purpose and taking meaningful action to help the world reach net zero carbon emissions sooner.”
As part of a EUR 7.5 billion initiative to support 100 percent renewable energy consumption across the value chain and beyond, Ingka Investments has invested and committed more than EUR 4 billion into renewable energy projects in wind and solar power. Out of the EUR 7.5 billion initiative, EUR 1 billion is committed to investments in innovation and transitional technologies, such as energy storage, hydrogen as an energy carrier, or grid infrastructure.
IKEA is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C. This includes a commitment to reducing absolute GHG emissions from the value chain by at least 50% by FY30, compared to a FY16 baseline, and to reach net-zero emissions by the latest FY50, without relying on carbon offsets to meet this absolute reduction target. In addition, IKEA will remove and store carbon through forestry, agriculture, and products, along with contributing to additional reductions in society by going beyond our value chain. As we enter a pivotal decade for climate action, Ingka Group, through Ingka Investments, is significantly boosting its renewable energy investments to EUR 7.5 billion, targeting 100% renewable energy throughout its value chain. Since 2009, Ingka Investments has allocated around EUR 4 billion to wind and solar projects, enabling the group to generate more renewable energy than it consumes globally. With an objective to produce 15TWh and mitigate the group’s climate impact, Ingka Investments is now targeting renewable energy in the Asia-Pacific region, including Australia India, Japan, and South Korea.
About Ingka Group
With IKEA retail operations on 31 markets, Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Read more on www.Ingka.com.
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