IKEA owner Ingka Group has invested €340 million (US$370.84 million) in 440MW of solar PV projects in Germany and Spain, to be built by developer Enerparc.
Through its investment division, Ingka Investments, it has acquired four solar PV park projects in Germany with a generation capacity of 300MW, while the remaining 140MW in Spain is split across five different projects, three of which are located near Valencia.
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The projects are set to start construction by the end of this year.
The solar PV acquisitions in both countries will allow all IKEA stores and warehouses in Germany and Spain to be powered by renewable energy, according to the company.
Krister Mattsson, managing director at Ingka Investments, said: “We are delighted to be announcing this important initiative to enable renewable electricity consumption in Germany and Spain, which is another step in accelerating our energy production in Europe and North America.”
The company’s portfolio counts at the moment 547 wind turbines in 14 countries, 10 utility-scale solar parks and almost 1 million solar panels installed on rooftops of IKEA stores and warehouses, with a total annual production of more than 4TWh.
The investment arm of the group has so far invested more than €2.7 billion in renewable projects, with a total investment of €6.5 billion, which it increased last year by €4 billion, to help reduce IKEA’s greenhouse gas emissions across its value chain as it is committed to phase out of fossil fuels by 2030.
Last year, IKEA teamed up with the Rockefeller Foundation to create a US$1 billion initiative for investments in distributed renewable energy.