IKEA owner Ingka has acquired shovel-ready solar and wind assets in Poland from renewables developer OX2 in a €190 million (US$203 million) deal.
Once completed, the solar farm located in Recz, north west Poland, will have a capacity of 29MW, while the wind farm in Wysoka will add a further 63MW to the 180MW of generation capacity Ingka already owns in the country.
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Those two projects will further increase renewable energy access for IKEA Retail operations and the firm’s value chain in the country.
Both projects are expected to be operational by the end of 2024.
The transaction with OX2 has been valued at at €173 million (US$185.45 million), with a further €17 million paid to other stakeholders involved in the projects.
Krister Mattsson, managing director at Ingka Investments said: “Having recently invested in renewable energy in Spain and Germany, this investment demonstrates our continued commitment to invest in countries where IKEA Retail operates and to increase the share of renewable energy across the IKEA value chain.”
Ingka Group, the parent company of Ingka Investments, operates renewable assets in 17 countries with a power capacity exceeding 2.3GW as the group aims to achieve 100% renewable consumption in all its operations by 2025.
In April, the investment arm of Ingka had invested €340 million (US$370 million) in 440MW of solar PV development between Spain and Germany to be built by developer Enerparc.
Last month, IKEA partnered with US residential solar installer SunPower to offer home PV solutions in select IKEA stores in California with the intention to roll out to further locations in the future.