Ingka Investments joins Stage 2 in new acquisition as Golden Plains Wind Farm starts delivering electricity to Victoria’s grid

 

Australia’s energy transition has accelerated with the first electricity delivered to Victoria’s grid from the southern hemisphere’s biggest wind farm after TagEnergy’s 1,333MW Golden Plains Wind Farm near Geelong commenced operations.

The first turbines have started spinning at the 756MW Stage 1 of the $4 billion AUD mega-project that will eventually deliver 9% of Victoria’s energy – enough to power 765,000 homes, or every home in regional Victoria.

The first power export followed 20 months of construction by a workforce of more than 400 across civil, electrical, turbine and grid connection works. The project’s engineering, procurement and construction partner Vestas is supplying and installing all 215 turbines that stand 149 metres high with 79 metre blades.

“TagEnergy’s ambition is to accelerate the energy transition and that is what we have done today as Golden Plains Wind Farm starts sending electricity to the grid and providing clean power to the people of Victoria. I am proud of, and grateful to, our team and project partners whose dedication and expertise is helping to safely and efficiently deliver this vital project that will strengthen Victoria’s energy security, put downward pressure on power bills and abate carbon emissions to keep us on track for net-zero,” TagEnergy CEO Franck Woitiez said.

“Throughout the project’s development, we were buoyed by the confidence those at the forefront of the energy transition showed in TagEnergy’s ability to deliver large-scale renewables projects, from our lenders to the Victorian and Australian Governments and the Australian Energy Market Operator,” Mr Woitiez said.

“We have shown our innovative commercial approach brings large scale projects to life faster. We will continue to innovate to deliver more projects to speed the transition, and the Government’s supportive policy landscape will facilitate that,” he said.

Senior Vice President and Country Head Vestas Australia and New Zealand, Danny Nielsen added, “Vestas is proud to have provided our best-in-class people, wind turbines and capabilities to build and service this landmark project to support the transition to clean renewable energy in Australia.”

“As the world’s largest provider of wind energy, we, like TagEnergy, have always been committed to creating a sustainable future. We look forward to continuing our partnership and driving the transition together through Golden Plains that is Vestas’ largest onshore wind farm anywhere in the world.”

Snowy Hydro Chief Commercial Officer Gordon Wymer said: “We are proud to be partnering with TagEnergy and together, playing an important role in supporting the renewable energy transition.

“Snowy Hydro’s contracted wind and solar energy portfolio continues to expand, helping us to provide clean and cost-effective renewable energy to homes and businesses across the market. This is a win for our customers and for Australia’s renewable energy transition.”

Construction on the project’s 577MW Stage 2 commenced in June 2024 after reaching financial close and is expected to be completed in mid-2027.

In September EnergyAustralia entered into a landmark 10-year renewable Power Purchase Agreement (PPA) with TagEnergy to offtake 40% of Stage 2’s capacity.

 

Ingka Investments takes 15% Stake in Stage 2

 

As Golden Plains Wind Farm Stage 1 energised, Ingka Investments, the investment arm of Ingka Group, the world’s largest IKEA retailer, announced its second investment in the project, taking a 15 percent stake in Stage 2.

The investment continues the partnership between the two organisations that saw Ingka Investments secure a 15 per cent stake in Stage 1 in 2023 – its first major utility scale renewable energy investment in Australia.

Ingka Investments second investment in Golden Plains Wind Farm is another significant step in its strategic priority to secure long-term access to renewable energy in IKEA Retail countries in Asia. Similar to its pro-rata ownership stake in Stage 1, Ingka Investments will be able to claim up to 15 percent of Stage 2’s output of electricity and Renewable Energy Attributes and use it to reduce the local Ingka Group Climate Footprint.

Ingka Investments Head of Renewable Energy, Frederik de Jong said, “Our 15% stake in Golden Plains Wind Farm Stage 2 highlights our dedication to securing renewable energy for IKEA retail countries and advancing sustainability goals.”

“This move comes as we are accelerating our investments in renewable energy and circularity to support Ingka Group’s climate-science-based targets and commitment to reach net-zero by 2050. It also strengthens our ability to support value chain partners with renewable energy solutions, promoting a sustainable future for all. As a country, Australia has an ambitious renewable energy target and we are proud this investment can also help to support this goal,” he said.

Mirja Viinanen, CEO and Chief Sustainability Officer, IKEA Australia, said, “We believe the future of energy is renewable, and Australia has such rich potential to harness these sources, especially wind and solar.”

“As we work to reduce our climate footprint in our retail operations, we’re investing in renewable energy through onsite generation at our stores and distribution centre and switching to renewable energy for heating and cooling our buildings. This investment from Ingka Investments will not only help reduce our local footprint, but it also contributes to further growth in the Australian renewable energy sector,” she said.

TagEnergy CEO Franck Woitiez said, “We are proud to continue our partnership with Ingka Investments – a likeminded partner that shares our belief in sustainable investments with purpose and taking meaningful action to help the world reach net zero carbon emissions sooner.”