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Ikea Owner Boosts Australian Wind Farm Stakes in Green Push

Wind turbines at the Bear Mountain Wind Park near Dawson Creek, British Columbia, Canada, on Thursday, May 23, 2024. The wind power facility in the north eastern corner of British Columbia, with 34 wind turbines run by Bear Mountain Wind LP, has been in operation since 2009 and has a 25 year power for purchase agreement with BC Hydro. Photographer: James MacDonald/Bloomberg (James MacDonald/Bloomberg)

(Bloomberg) -- The investment arm of Ingka Group, which owns most of the world’s Ikea stores, has acquired new stakes in a large Australian wind farm in Victoria state.  

Ingka Investments bought a 15% share of a 577 megawatt wind farm, the company said in a joint press release with the developer TagEnergy on Friday. The farm is the second phase of a A$4billion ($2.7 billion) project.

In an effort to secure additional clean energy supply, the firm had previously bought stakes in renewable projects across the world, including a solar park in Romania and a first tranche of the Australian wind farm. Last year the company had raised its clean energy commitment to 7.5 billion euros ($8.2 billion) by 2030. 

The first phase of the project, consisting of 756 megawatts of power generation capacity and partially owned by Ingka, began dispatching clean electricity into the grid after 20 months of construction, according to the statement. Building work for phase two started in June and is expected to be completed in mid-2027.

©2024 Bloomberg L.P.