Ingka Group (IKEA) Acquires 9 Solar Power Projects in Europe for €340 Million

Sweden-based Ingka Group, which owns the majority of IKEA stores globally, has announced that it has acquired nine solar power park projects in Germany and Spain for €340 million. The combined capacity of the solar projects comes to 440 MW.

The Ingka Group solar has acquired the portfolio from solar power developer ENERPARC. Four solar power projects of 300MW in Germany and five solar power projects of 140MW in Spain are the specific investments of the Swedish company.

Now the Ingka Group has 547 wind turbines, 10 solar power parks and 935,000 solar PV panels on the roofs of IKEA stores and warehouses. They will together produce about 4TWh of power annually.

The projects are at early stages and are expected to be ready for construction at the end of 2022. The construction will take about six months to complete. The Ingka Group informed that once the solar power projects are up and running, they will generate ample electricity that will cover the power consumption of all IKEA stores and warehouses in both Germany and Spain.

Krister Mattsson, Managing Director, Ingka Investments, said on the fresh acquisitions, “We are delighted to be announcing this important initiative to enable renewable electricity consumption in Germany and Spain…we want to make renewable energy available throughout the IKEA value chain and beyond.”

Christoph Koeppen, CEO and Chairman of the Board at ENERPARC AG, said, “This partnership is in line with our dedicated strategy to develop a total of 10GW solar PV plants for our own portfolio and third-party portfolios until 2030. It is a wonderful signal that Ingka Group and ENERPARC have joined forces to contribute to a world of carbon-neutral energy generation.”

Ingka Group presently operates in about 32 markets and sells about 90% IKEA’S furniture at retail. The company wants to become climate positive by 2030 and achieve net-zero by 2050.

Last year, Ingka Group had allocated €4 billion for investing in solar and wind power projects plants to ensure absolute renewable energy employed in its value chain. It has been investing in diverse environmental actions. In January, Ingka purchased the hurricane devastated lands in Florida for massive plantation to reclaim land, increase biodiversity and ensure sustainable timber production.