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WKB and Allen & Overy Advise on Ingka Investments' Acquisition of Wind and Solar Farms from OX2

WKB and Allen & Overy Advise on Ingka Investments' Acquisition of Wind and Solar Farms from OX2

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WKB Wiercinski Kwiecinski Baehr has advised Ingka Investments on the EUR 190 million acquisition of a 63-megawatt onshore wind farm and a 29-megawatt photovoltaic farm from OX2. Allen & Overy advised OX2 on the sale.

According to WKB, the two renewable energy projects are the Wysoka Wind Farm and the Recz Photovoltaic Farm. “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, the Ingka Group has invested EUR 2.9 billion into renewable energy projects, in particular wind and solar power, enabling the company to generate more renewable energy than it consumes.”

OX2 is a Stockholm-headquartered wind and solar farm developer. The company has operations in Sweden, Finland, Poland, France, Lithuania, Norway, Spain, Italy, and Romania.

"We are delighted to further grow our renewable energy portfolio in Poland," Ingka Investments Managing Director Krister Mattsson commented. "This investment represents another important step for Ingka Investments as it will mean a further reduction of the climate footprint of IKEA Retail, including distribution and logistics, and also IKEA value chain partners based around the country."

"Solar power is a key part of OX2’s strategy to diversify our portfolio," OX2 CEO Paul Stormoen added. "Solar power will also play a central role in the energy mix of the countries we are active in and OX2 wants a leading role in accelerating this development."

WKB’s team included Partners Jakub Jedrzejak, Maciej Szambelanczyk, Marta Midloch, and Sergiusz Urban, Counsels Krzysztof Sikorski and Krzysztof Wawrzyniak, Associates Sebastian Wozniak and Zuzanna Cybulska, Lawyers John Kedzierski, Marta Czarnecka, Augustyn Wrobel, Hanna Przezwicka-Kamdar, Agata Fabianczuk, Joanna Staroszczyk, Adrianna Kucharska, Bartosz Bernacki, and Marcin Lorenc, and Trainee Anna Olender.

Allen & Overy's team was led by Warsaw-based Counsel Kamil Jankielewicz and included Partners Jaroslaw Iwanicki and Dan Cocker and Associates Antoni Roszkowski, Mateusz Kwolek, Maksymilian Jablecki, and Pawel Grzesik.