INGKA Holding B.V., which owns most Ikea stores, acquired an 80% stake in seven wind farms for €136 million in southeastern Romania.
Danish wind turbine manufacturer Vestas Wind Systems A/S divested its interest in the onshore wind portfolio with a combined generating capacity of 171 MW. The wind fleet comprises 64 turbines. Vestas announced in late August that it had made the sale, but at the time, did not identify the buyer.
The home furnishing company said in a Sept. 13 news release that the output of the wind farms exceeds the electricity consumption of Ikea's supply chain in the country. The transaction also marks Ingka Holding's entry into Romania, its 14th country for wind energy investments.
"We continue to explore how investments and acquisitions help our business, while at the same time supporting innovation that makes a positive difference to people and the planet," the company said in an email. "So we are investing in renewable energy to support the Ingka Group People and Planet Positive commitment to generate as much energy as it consumes."
Reflecting its ambitions, the company further added that it "will continue to invest in renewable energy across our operations, including Europe and USA if opportunities arise." On Sept. 11, a U.S. affiliate purchased a partial interest in three solar projects in Utah slated to begin commercial operation shortly.
Ikea's Climate Positive program helps in reducing more greenhouse gas emissions than the company's value chain emits through zero-emissions home deliveries in all 30 Ikea retail countries by 2025 and aims for 100% renewable heating and cooling in all of its buildings by 2030.
The acquisition was made through the Netherlands-headquartered company's investment arm. Subject to regulatory approvals, the deal is expected to close by the end of October.
