Ingka Group says this transaction is important since it will allow the group to produce more energy than it consumes
- Ingka Investments has completed acquisition of 2 solar power projects in the US
- It has acquired 49% stake in each of the 2 projects in Utah and Texas regions from Copenhagen Infrastructure Partners
- Together the projects represent 403 MW of total capacity with the Texas project identified as Misae project
The investment arm of the Ingka Group that owns and operates Swedish furniture and home furnishings retail chain IKEA, has completed its acquisition of 403 MW of solar power capacity in the US. In line with its announcement made in September 2019, Ingka Investments now owns a 49% stake in its first investment in off-site solar power plants for the group in Utah and Texas with a collective capacity of 403 MW. It has acquired a 49% stake in each of the 2 projects.
The acquisition is as per the agreement signed by Ingka Investments with Copenhagen Infrastructure Partners (CIP). Acquisition for the Utah solar project closed on December 31, 2019 while for the Texas solar project, it closed on March 31, 2020.
Ingka Group says this transaction is important since it will allow the group to produce more energy than it consumes. A signatory to RE100 initiative, IKEA aims to consume 100% renewable electricity in its retail operations by 2025 in all the 30 countries it is present in, while phasing out fuel-based heating and cooling by 2030.
Its focus is on generating electricity through both offsite and onsite wind farms and utility scale solar farms. So far, the company says it has invested in 534 wind turbines and 2 solar energy farms with 715,000 solar panels under construction in the US.
Ingka Group identifies one of the projects as Misae project in Texas producing 567 GWh of energy annually through 823,228 panels.
Managing Director of Ingka investments Krister Mattsson shared that the company is now focused on investing in countries like Russia and China where it currently does not have any large scale renewable energy production.