The investment arm of IKEA owner Ingka Group has acquired nine solar PV park projects in Germany and Spain from developer ENERPARC.
Ingka Investments is to pay €340m for the the 440MW solar PV development portfolio.
The expected energy capacity of the solar PV parks equals 300MW in Germany across four solar PV development projects and 140MW in Spain across five solar PV development projects.
The expected production of the solar PV parks in Germany and Spain is equivalent to the electricity consumption of roughly 140,000 European households and will generate the equivalent of electricity consumption in all IKEA stores and warehouses in the two countries.
Ingka Investments managing director Krister Mattsson 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.
“With our own solar parks and wind farms, we want to make renewable energy available throughout the IKEA value chain and beyond.”
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.
As part of a €6.5bn initiative to support of 100% renewable energy consumption across the value chain and beyond, Ingka Investments has invested and committed more than €2.7bn into renewable energy projects in wind and solar power.
The development of the solar PV parks in Germany and Spain are part of IKEA’s commitment of becoming climate positive* by 2030 by reducing more GHG emissions than the IKEA value chain emits, while also simultaneously growing the IKEA business.
As the biggest retailer in the IKEA franchisee system, Ingka Group’s contribution is key to the successful accomplishment of the 2030 goals.
ENERPARC chairman and chief executive Christoph Koeppen 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 owns and manages 547 wind turbines in 14 countries, 10 solar parks and 935,000 solar panels on the roofs of IKEA stores and warehouses.
Together, this produces more than 4 TWh, equivalent to the annual electricity consumption of over 1 million European households.