BUCHAREST (Romania), September 13 (SeeNews) - Ingka Group, the parent company of Swedish furniture retailer IKEA, said on Friday it has signed an agreement to buy an 80% stake in seven Romanian wind farms from Danish wind turbine maker Vestas for 136 million euros ($150 million).
The acquisition will be made through the firm's investment arm - Ingka Investment, the group said in a press release.
The deal, which involves the purchase of 64 turbines with a total capacity of 171 megawatts, is pending regulatory approval.
It is expected to be completed in October.
"The 80% stake supports our target to generate as much renewable energy as we consume and the investment brings us one step closer to reaching our 2020 goal," Ingka Investments head Krister Mattsson said.
At the end of August, Vestas said it has entered into an agreement to sell 80% of its shares in the subsidiaries owning the Romanian wind power plants Pantelimon, Pegasus, and Apollo to a non-disclosed buyer for 136 million euro.
Vestas designs, manufactures, installs, and services wind turbines across the globe. It currently has over 86 GW of wind turbines under service in more than 80 countries and employs 24,500 globally. The company entered the Romanian market in 2008.
INGKA Holding B.V. is based in the Dutch city of Leiden. It is the holding company that controls 315 of the 360 outlets of Swedish furniture retailer IKEA. The group also owns and operate 441 wind turbines in Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Lithuania, Poland, Portugal, Sweden, the UK and the U.S.