Ingka Investments’ involvement is part of a broader €7.5bn ($8.18bn) initiative. Credit: Ingka Holding.

Ingka Investments has expanded its involvement in the 1.3GW Golden Plains Wind Farm in Victoria, Australia, by securing a 15% stake in the project’s second stage.

This move strengthens the company’s commitment to renewable energy and marks its continued partnership with TagEnergy.

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The company’s latest acquisition in Golden Plains Wind Farm stage two follows its initial investment in stage one earlier in 2023.

The 756MW Stage 1 of Golden Plains Wind Farm, poised to become the largest wind farm in the southern hemisphere, is operational. It is capable of powering 765,000 homes in Australia.

The project’s first stage involves 215 turbines, each measuring 149m in height with 79m blades.

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The construction of the second stage, with a capacity of 577MW, commenced in June 2024, with completion due in the middle of 2027.

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Ingka Investments will be entitled to claim up to 15% of the electricity output from stage two, contributing to the reduction of the Ingka Group’s local climate footprint.

This strategic move aligns with the company’s goal to ensure long-term access to renewable energy for IKEA Retail operations in the Asia-Pacific region.

The company’s involvement is part of a broader €7.5bn initiative aimed at achieving 100% renewable energy consumption across its value chain.

Ingka Investments Renewable Energy head Frederik de Jong said: “Our 15% stake in Golden Plains Wind Farm stage two 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.”