These days, Ikea is assembling more than just furniture.
About 150 miles south of Chicago in Vermilion County, Ill., the home goods giant is building a wind farm large enough to ensure that its stores will never have to buy power again.
“It's about taking care of the environment and living within our means,” said Rob Olson, chief financial officer of Ikea U.S.
With the project, its first wind investment in the U.S., Ikea is among a growing number of companies taking care of their energy needs by buying or investing in power produced by the wind and sun.
Microsoft announced late last year it would purchase power from a 55-turbine wind farm in Texas. At the same time, Facebook announced it would power its new Iowa data center using energy from a wind farm MidAmerican Energy is constructing in the state. In the past few years, Google has been ticking up its wind power purchases and investing in wind projects in Iowa, Oklahoma and Texas.
The American Wind Energy Association credits big box retailer Walmart Stores Inc. with starting the trend in 2008, when it made a substantial purchase of energy from a Duke Energy-owned wind farm in Texas.
“These are companies that often have corporate sustainability or carbon-reduction targets, and they're putting their money where their mouth is,” said Emily Williams, senior policy analyst at American Wind Energy Association. “Making these huge multimillion-dollar investments, they're showing to their shareholders but also to the customers who frequent these businesses, use their products, that they're living up to their corporate responsibility.”
Greg Hasevlat, sustainability research analyst at Pax World Management LLC, said large energy users such as Intel, Microsoft and Google as well as large retailers such as Whole Foods, Staples and Starbucks are investing in renewable energy as a hedge against volatile price fluctuations of fossil fuels.
“All those stores in aggregate consume a lot of electricity,” Hasevlat said. “These are not small investments; these are long-term business decisions.”