IKEA invests $373 million in solar PV park projects in Europe

Ingka Group, the owner of most IKEA stores worldwide, said on Wednesday it has invested in nine solar photovoltaic (PV) park projects in Germany and Spain for a total of US $373 million (340 million euros) as a commitment towards renewable energy.

The group said the expected energy capacity of the solar PV parks equals 300 megawatts in Germany across four solar PV development projects and 140 megawatts in Spain across five such projects. The group is buying the projects, which have a combined capacity of 440 megawatts, from the German developer Enerparc, it said.

“The projects are at early stages and are expected to become ready for construction at the end of 2022, continuing into 2023. The construction itself will take roughly six months,” Ingka Group said in a statement.

Currently, the group owns 547 wind turbines in 14 countries, and 10 solar parks. There are 935,000 solar panels on the roofs of IKEA stores and warehouses globally, which together produce more than 4 terawatt hours of electricity.

The group said that the solar PV parks projects in Germany and Spain are part of IKEA’s commitment of becoming climate positive by 2030 across the company’s value chain.