Ikea Canada to buy second Alberta wind farm in $119M deal

Ikea Canada has signed a deal to buy an Alberta wind farm from TransAlta and Teck Resources for a total of $119.6 million.

TransAlta (TSX:TA) said Thursday it will receive about $61 million for its 51 per cent interest in the 88-megawatt Wintering Hills wind farm near Drumheller, Alta.

Teck (TSX:TECK.B) said separately that it will receive $58.6 million for its 49 per cent stake.

Ikea said the 55 turbines at Wintering Hills generate enough electricity to power 54 Ikea stores or nearly 26,000 Canadian households.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

It is the second Canadian wind farm for the furniture retailer which has 12 stores across the country. It already has a 46MW wind firm in Pincher Creek, Alta., that it acquired in 2013.

Together, the two wind farms can produce more than four times the energy consumed by Ikea’s Canadian operations.

The global furniture and furnishings company has set a goal of generating more renewable energy than it uses by 2020.

Watch below from November 2013: Ikea buys wind farm near Pincher Creek