The project, which is located near Drumheller, comprises 55 GE 1.6 MW turbines and will generate 275 million kilowatt hours of electricity.
IKEA Canada sustainability manager Brendan Seale said: “This investment in renewable energy supports our business and moves us closer to our global ambition to produce more renewable energy than we consume by 2020.”
The acquisition is IKEA Canada’s second investment in renewable energy in Alberta following the purchase of the 46MW Pincher Creek wind farm in 2013.
TransAlta Corp said it had sold its 51% interest in the project for $61m.
The company added that it will use the proceeds for general corporate purposes, including reducing debt and funding future renewables growth, including potential contracted opportunities in Alberta.
The transaction is expected to be completed in two to three weeks pending customary closing conditions, IKEA said.