234
234
  • Transaction / Assets
    IKEA Buys Pisco Wind Farm
  • Seller
    Windpartners Renewables
  • Buyer
    IKEA
  • € MM
    undisclosed

IKEA Invests in Renewable Energy, Purchasing the Pisco Wind Farm

9 January 2018

IKEA Portugal notified the Competition Authority (AdC) last Wednesday regarding its purchase of the Pisco Wind Farm, in the Guarda region, from Windpartners Renewables.

The purchase of all the shares in the wind farm currently held by Windpartners Renewables by the international group Ikea’s holding company will be carried out through its Portuguese subsidiary Ikea Portugal – Móveis e Decoração.

The Pisco Wind Farm is dedicated to the generation, distribution and sale of electricity using renewable sources, namely wind power, through the construction and operation of wind farms and transmission lines.

The Swedish multinational’s response to a ‘global concern.’

The IKEA Group believes that “urgent action is needed to deal with climate change.” That is why the multinational is committed “to producing an amount of renewable energy equivalent its total consumption by 2020” and has decided to invest €2.1 billion in wind and solar energy.

The IKEA Group has invested 1.5 billion euros in renewable energy since 2009 and has committed to invest another 600 million euros.

“We believe that renewable energy is the energy of the future.”

“To help combat climate change, we want our operations to become energy independent. One of our objectives is to produce renewable energy equivalent to our consumption by 2020. We have already installed more than 700,000 solar panels in our stores and buildings around the world, and we want to give our customers the possibility to do the same in their homes,” the Swedish Group stated. The group’s website reads: “We are on the way, and in the next few years we will start expanding our solar power supply beyond the UK, the Netherlands and Switzerland.” The investment in Portugal is proof of this.

Original Story: Diário Imobiliário

Translation: Richard Turner