Energy & Power
IKEA purchasing Alberta’s 46MW Oldman 2 Wind Farm
By Anthony Capkun
November 14, 2013 – Wind and solar company Mainstream Renewable Power has closed a deal to sell its 46MW Oldman 2 Wind Farm, located in Alberta, to furniture retailer IKEA.
“Partnering with corporations who want to own wind and solar plant is a very exciting and growing part of Mainstream’s global business,” said Mainstream chief executive Eddie O’Connor.
Mainstream has commenced construction of the project at a cost of about $90 million, and it is expected to be operational in the autumn of 2014. At that point, IKEA will purchase the plant. As part of the deal, Mainstream will continue to operate and maintain the wind farm on behalf of IKEA for its lifespan.
Wind energy is a key part of IKEA Group’s sustainability strategy of generating as much renewable energy as it consumes by 2020, explains Mainstream. The project will be wholly owned by IKEA Canada, making it the largest wind farm owned by a Canadian retailer.