IKEA buys 80% stake in Romanian wind farms from Vestas

IKEA buys 80% stake in Romanian wind farms from Vestas
FILE PHOTO: The logo of the Swedish furniture giant IKEA is seen in Mexico City, Mexico May 22, 2019. REUTERS/Edgard Garrido -
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STOCKHOLM (Reuters) – Ingka Group, which owns most IKEA stores, said on Friday it would buy an 80% stake in seven Romanian wind farms from wind turbine maker Vestas <VWS.CO> for 136 million euros (122 million pounds).

Ingka Group said the acquisition, made through its investment arm, consisted of 64 turbines capable of producing a total of 171 megawatts of power, and followed the purchase of a stake in Germany’s second-biggest offshore wind farm earlier this year.

“The 80% stake supports our target to generate as much renewable energy as we consume and the investment brings us one step closer to reaching our 2020 goal,” Ingka Investments head Krister Mattsson said in a statement.

Ingka Group said it now owned and operated 900,000 solar modules on its sites and 534 wind turbines in 14 countries.

The company said that although the transaction had been signed, it still awaited regulatory approval, with final closing expected in October.

Vestas, which remains an stakeholder in the wind farms, said the deal was in line with its strategy to partner with customers in project development and asset management.

(Reporting by Johannes Hellstrom; Editing by Mark Potter)

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