Renewables

IKEA parent confirms acquisition of Vestas’ 80% stake in Romanian wind farms

IKEA Vestas

Photo: Ingka Group

Published

September 13, 2019

Country

Comments

0

Share

Published:

September 13, 2019

Country:

Comments:

0

Share

Ingka Group, the parent company of Swedish furniture giant IKEA, has confirmed in a press release it has reached an agreement with Denmark’s Vestas Wind Systems to acquire an 80% stake in 7 wind farm entities in South-East Romania.

Although the transaction between IKEA’s parent company and the Danish wind turbine manufacturer is signed, final completion is still subject to regulatory approval and is expected at the end of October, Ingka Group said.

The acquisition was made by the investment arm of Ingka Group, Ingka Investments, and consists of 64 turbines totaling 171 MW. The production of the wind farms combined is the equivalent of more than IKEA 65 stores or 150,000 Romanian households and exceeds the electricity consumption of the IKEA supply chain in Romania, according to the press release.

Acquisition contributing to climate positive ambition

Photo: Ingka Group

“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,” said Krister Mattsson, Managing Director Ingka Investments, Ingka Group.

Ingka Group now owns and operates 900,000 solar modules on its sites and 534 wind turbines in 14 countries. Romania is the 14th country where Ingka Group has invested in wind energy. The most recent acquisition was in a German offshore wind farm.

Ingka Investments has been investing in renewable energy and sustainable investments since 2009. It invests in responsibly managed forest land in the Baltic States, Romania, and the USA. It also invests in companies that are active in recycling and sustainable technologies. By doing this it is supporting a circular economy and the long-term supply of sustainable materials, the press release notes.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

two-wind-farms-axpo-romania

Switzerland’s Axpo to build two wind farms in Romania

30 June 2022 - The construction of the two wind farms, with a combined capacity of 250 MW, is expected to begin at the end of 2023

renewables

Greece passes renewables law targeting 15 GW in new capacity by 2030

30 June 2022 - Greece adopted a new law on renewables licensing, which includes various measures related to the energy crisis

EU agrees fossil fuel car ban as climate package talks are starting

EU agrees fossil fuel car ban as climate package talks are starting

29 June 2022 - The Council of the EU and European Parliament are set for talks on the Fit-for-55 package. Both agree new combustion engines should be banned by 2035.

offshore-wind-capacity-istock

Record 21.1 GW of new offshore wind capacity deployed in 2021 – GWEC report

29 June 2022 - By the end of this decade, 260 GW of new offshore wind is forecast to be added globally, with total capacity reaching 316 GW