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Ingka Investments, the investment arm of Ingka Group, has made its first renewable energy investment in Australia, taking a 15 per cent stake in the EUR 1.3bn stage one of TagEnergy’s Golden Plains Wind Farm near Geelong.
The overall project has a total planned capacity of 1.3GW and consists of two stages. Stage one consists of 756MW (122 turbines) with an expected annual production of over 2,000 GWh/yr. Pro-rata to the ownership stake, Ingka Investments will be able to claim up to 15% of the project output of electricity and Renewable Energy Attributes and link it to the local Ingka Climate Footprint.
TagEnergy and the original developer Westwind are also preparing for construction of stage two (576MW/93 turbines) and a 300MW battery storage facility that will add flexibility and stability to the electricity grid. Stage one of the project reached financial close in November 2022. All construction contracts are underway, and the facility is expected to be fully operating by the end of 2025.
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