IKEA Purchases Wind Farm
Mainstream Renewable Power, a global wind and solar company, has closed a deal to sell its 7.65 megawatt Carrickeeny Wind Farm to IKEA, the world’s largest furniture retailer. Mainstream Renewable Power has commenced construction of the project which is located in Leitrim in the North West of Ireland and it is expected to be operational in early 2014 at which point IKEA will purchase the plant. As part of the deal, Mainstream Renewable Power will continue operate and maintain the wind farm on behalf of IKEA for its 20-year lifespan.
The IKEA Group has plans to invest 1.5billion pounds (approximately 2.5 billion dollars) in wind energy and solar programs now through 2015. Wind energy is a key part of IKEA Group’s sustainability strategy to generate as much renewable energy as it consumes by 2020. This acquisition will increase the total number of wind turbines that the IKEA Group has committed to owning and operating to 137.
“Mainstream Renewable Power is delighted to be partnering with IKEA, a true world leader in corporate sustainability. Partnering with corporations who want to own a wind and solar plant is a very exciting and growing part of Mainstream’s global business. We are being approached by a growing number of energy-intensive corporations in the retail, IT and mining sectors who want to invest in our large portfolio of wind and solar plants being developed across four continents.”
He continued: “Owning wind and solar plants makes a lot of sense for them on a number of levels. As the cost of the fuel is free, the more of it they have the more stability and certainty they have in relation to their energy costs in the long-term. On top of that the more forward -thinking corporations are investing in wind and solar energy as part of their sustainability strategy, and IKEA is a fantastic example of this.”
Speaking at the announcement, Joanna Yarrow, Head of Sustainability, IKEA UK and Ireland said:
“Our investments in renewable energy not only help to reduce carbon dioxide emissions from our operations in Ireland, but also, together with our energy efficiency efforts, help to control our electricity costs so we can pass any benefits to our customers by continuing to offer high quality home furnishings at low prices. Companies, individuals or governments – we all have responsibility to address the resource dilemma and commit to a more sustainable future. Producing our own affordable, renewable electricity gets us one step closer to becoming completely energy independent by 2020, while ensuring our commercial success.”
Mainstream Renewable Power is one of the world’s leading independent developers of renewable energy projects. With a development pipeline of over 19 gigawatts (GW) globally it is currently constructing solar and wind farms across Ireland, South Africa, Chile and Canada.