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The IKEA Group Makes Largest Wind Farm Investment to Date

The IKEA Group Makes Largest Wind Farm Investment to Date

165 MW Cameron Wind Farm in Texas is Single Largest IKEA Renewable Energy Investment Globally~[Conshohocken, PA – November 18, 2014] The IKEA Group announced today that it has purchased its second wind farm in the United States from Apex Clean Energy: a 165-megawatt wind farm in Cameron County, Texas. This represents the single largest renewable energy investment made by the IKEA Group globally to date. The wind farm will contribute significantly to the IKEA Group 2020 goal of producing as much renewable energy as the total energy the company consumes globally. The Cameron Wind farm is expected to be fully operational in late 2015.

Earlier this year IKEA Group announced its first U.S. wind farm purchase located in Hoopeston, Illinois. The Cameron Wind farm will be more than one-and-a-half times the size of the Hoopeston project. Together, the IKEA Hoopeston and Cameron wind farms are expected to generate nearly 1,000 gigawatt hours of electricity per year, which is equivalent to the average annual electricity consumption of around 90,000 American households.

“IKEA believes that the climate challenge requires bold commitment and action," says Rob Olson, IKEA US Acting President and CFO. “We invest in renewable energy to become more sustainable as a business and also because it makes good business sense. And as a home furnishings retailer with sustainability in our roots, we are committed to providing products and solutions that help our customers be more sustainable in their everyday lives."

IKEA Group has now committed to own and operate 279 wind turbines in nine countries, and will invest a total of $1.9 billion in wind and solar power up to the end of 2015. IKEA has also taken steps to further the development of a low-carbon economy by supporting key initiatives including the People's Climate March, UN Climate Summit, RE100, and the ceres organisation, Climate Declaration.

Mark Kenber, CEO of the non-profit organization The Climate Group, said: “IKEA was one of the first major companies to recognize that tackling climate change makes good business sense. IKEA has set commendable renewable energy targets for its own company, and its actions are positively influencing business practices and the energy market. It has played an instrumental role in setting up ‘RE100’, The Climate Group’s global initiative to support businesses in switching to 100% renewable power."