WKB advised INGKA Investments on the acquisition of an onshore wind farm, with a total capacity of 63 MW, and a photovoltaic farm, with a total capacity of 29 MW, from OX2. The transaction’s total value amounts to EUR 190 million.
WKB supported INGKA Investments during the legal due diligence process and the negotiation and closing of a share purchase agreement concerning two renewable energy projects, the Wysoka Wind Farm and the Recz Photovoltaic Farm. With respect to the Wysoka Wind Farm project, WKB lawyers also advised on the negotiation of project agreements covering the delivery of turbines, balance of plant (BoP), management services and technical and operational management of the wind farm. Transaction support was provided by M&A team led by Jakub Jędrzejak, with the assistance of Sebastian Woźniak, Zuzanna Cybulska and John R. Kedzierski. The due diligence process and advice on the project agreements were handled by an interdisciplinary team led by Maciej Szambelańczyk and Krzysztof Sikorski which included: Marta Midloch, dr Sergiusz Urban, Krzysztof Wawrzyniak, Marta Czarnecka, Augustyn Wróbel, Hanna Przezwicka-Kamdar, Agata Fabiańczuk, Anna Olender, Joanna Staroszczyk, Adrianna Kucharska, Bartosz Bernacki and Marcin Lorenc.
The transaction will ensure long-term access to renewable energy for the operations of IKEA Retail and its partners in Poland.
INGKA Investments is the investment arm of the INGKA Group, the world’s largest IKEA retailer, which has invested in environmentally positive projects for many years. Since 2009, INGKA Group has invested €2.9 billion into renewable energy projects, in particular wind and solar power, enabling the company to generate more renewable energy than it consumes. Prior to the transaction, INGKA Investments already owned and operated 6 wind farms in Poland, with a total capacity of 180 MW and producing 450 GWh per year.
OX2 is a leading European player in the financing, construction, and management of large-scale projects in the RES sector. Over the years, it has established itself as a leader in the onshore wind power industry. OX2 has a presence in Sweden, Finland, Poland, France, Norway, Spain, Romania, Lithuania, and Italy, and its clients include Allianz, Ardian, and IKEA. In 2020, it generated sales of approximately SEK 5.2 billion.