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IKEA closes purchase of stake in 3 Utah solar projects

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Essential Energy Insights - January 2021


IKEA closes purchase of stake in 3 Utah solar projects

An affiliate of IKEA Holding US Inc. has completed its acquisition of a 49% stake in the upstream owner of three utility-scale solar energy projects in Rich County, Utah.

IRI Investments US Inc. acquired the membership stake in Sponsor VK I HoldCo LLC, the indirect upstream owner of the 26.4-MW Sage I, 26.4-MW Sage II and 23.3-MW Sage III solar projects.

Output of the projects will be sold under 20-year power contracts with PacifiCorp.

Sponsor VK I HoldCo LLC is an indirect subsidiary of investment funds in the form of Danish limited partnerships managed by Copenhagen Infrastructure Partners II P/S. IRI Investments is ultimately owned by INGKA Holding BV.

The Federal Energy Regulatory Commission approved the transaction Nov. 25. (FERC docket EC19-137)