Ingka group IKEA's strategic partner, buys from Vestas the majority stake in seven wind farms in Romania

Ingka Group, part of IKEA group declared the intention to buy an 80% stake in seven Romanian wind farms from Vestas for an estimated 136 million euros. Ingka Group said the acquisition, made through its investment arm, consists of 64 turbines  with a total production capacity of 171 megawatts, 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.