Dutch company and owner of IKEA Ingka Group’s investment arm Ingka Investments has acquired a 49% share of a 460MWp solar PV portfolio from energy company Avapa Energy.
Located in the regions of Veneto, Puglia, Molise, Sicily, and Sardinia, the projects are waiting for building permits, with Avapa Energy leading the permitting process.
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Ingka Investments said the development of these solar PV parks is part of IKEA’s commitment to becoming climate positive by 2030 by reducing more greenhouse gas emissions than the IKEA value chain emits.
“We are delighted to be announcing this important initiative to partner with Avapa Energy in the development of solar PV projects in this first step towards renewable energy production in Italy. With our own solar parks, we want to make renewable energy available throughout the IKEA value chain and beyond,” said Peter van der Poel, managing director of Ingka Investments.
Ingka Investments has invested and committed more than €3.5 billion (US$3.93 billion) into renewable energy projects in wind and solar power. To date, Ingka Group has committed to owning or owns 22 solar parks in 18 countries and over a million solar panels on the roofs of IKEA stores and warehouses.
“We have been growing the platform of photovoltaic projects with the objective of joining forces with an experienced strategic investor and we are confident that the relationship with Ingka Investments will evolve and grow fast and efficiently, providing a material contribution to the European energy transition,” says Alberto Dalla Rosa, co-founder and Partner at Avapa Energy.
Ingka Investments signed a four-year agreement with PV module manufacturer Meyer Burger to buy modules in May. From 2025-2029 the Swiss manufacturer will supply its heterojunction (HJT) modules – which will be produced at its PV plant in Goodyear, Arizona – to fulfil IKEA’s US needs.