OTTAWA: IKEA Canada has signed agreements to acquire an 88MW wind farm located near Drumheller, Alberta approximately 130km east of Calgary. Consisting of 55 turbines, the Wintering Hills wind farm will generate 275 million kWh (kilowatt hours) of energy, the equivalent to the electricity consumption of 54 IKEA stores or nearly 26,000 Canadian households. “We are committed to having a positive impact on people and the planet,” said Brendan Seale, Sustainability Manager, IKEA Canada. “This investment in renewable energy supports our business and moves us closer to our global ambition to produce more renewable energy than we consume by 2020.”
This is IKEA Canada’s second such investment in renewable energy in Alberta following the purchase of a 46MW wind farm in Pincher Creek in 2013. Together, these two wind farms will produce the equivalent of more than four times the energy that IKEA Group operations consume in Canada. This wind farm investment is part of a broader investment approach to support core business and strategic objectives. The completion of the transaction is expected in two to three weeks pending customary closing conditions. IKEA Group has allocated over EUR 3 billion to become resource and energy independent. Since 2009, the IKEA Group has invested EUR 1.5 billion in renewable energy and has committed an additional EUR 600 million for investments in wind and solar.
The company recently announced a financial frame of EUR 1 billion to secure a long-term supply of sustainable materials by investing in forestry as well as companies active in recycling, renewable energy development and biomaterial developments. IKEA Group already owns forests in Eastern Europe and is looking at expanding its forestry portfolio to North America. The IKEA Group’s sustainability direction, as outlined in its ‘People and Planet Positive’ strategy, is to inspire and enable millions of people to live a more sustainable life at home; to pursue resource and energy independence; and to take the lead in creating a better life for people and communities.
