Ikea enters Polish wind market with €87.3 million deal

SWEDEN: Home furnishings retailer Ikea has bought three wind farms in Poland from Martifer Renewables, a subsidiary of Portuguese Martifer SGPS.

According to Martifer, Ikea agreed to pay €87.3 million for wind farms totalling 56MW.

Two of the wind farms: Leki Dukielskie (10MW) and Bukowsko (18MW) are online, but the third project Rymanow is expected to be commissioned in the coming months.

Krakowska Energia Ltd., a special-purpose vehicle for Rymanow 28MW project, has recently announced a tender for construction works in Rymanow. These are to be concluded by 3 December 2012.

Ikea will pay €64 million following the signature of the contract and the remaining amount €23.3 million during 2013.

All three wind farms are located in the mountainous Podkarpackie province in south-east Poland, which offers wind conditions of 7.5-8m/s. 

Martifer said the sale of the wind farms in Poland was a result of "asset rotation policy".

Ikea said the acquisition means it will meet the electricity needs of half of its stores and factories in Poland.

The retailer has projects in France, Germany and the UK.