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Ingka Group, the largest IKEA retailer, has acquired its first 2 solar parks in Spain through its investment arm, Ingka Investments. This expands the company’s renewable energy portfolio in the Iberian market. The acquisition includes the operational La Oliva Solar Farm in Toledo, which is expected to generate 51 GWh annually. Another project is located in Murcia that will add 55 GWh/year. Together, the 2 solar parks are expected to produce 106 GWh of renewable electricity annually. However, in April 2022, Ingka announced purchase of 440 MW solar PV capacity in Germany and Spain to green IKEA’s value chain (see IKEA Acquires 440 MW Solar PV Capacity).
The move follows Ingka Investments’ recent hybridization of a wind farm in Portugal with solar panels, increasing renewable energy output in the region. With the new Spanish assets and the upgraded Portuguese project, Ingka Investments expects its renewable energy production in Iberia to reach 323 GWh/year. Ingka Group says with these investments, it has now €4.3 billion already invested or committed worldwide in renewable energy.
The European Investment Bank (EIB) has committed €20 million to a €300 million green bond issued by Latvenergo, Latvia’s state-owned energy company. The financing will support investments in onshore wind, solar PV, battery energy storage systems, hydropower refurbishment, electricity networks and clean transport infrastructure.
EIB said the funding will help accelerate Latvia’s clean energy transition, and strengthen energy security. It will also support the development of sustainable finance and capital markets in the Baltic region.The bank has made the investment under Latvenergo’s European Green Bond framework and is aligned with the European Green Bond Standard.
Alive Capital Grid-Connects Solar & Storage Project in Romania
Alive Capital has commissioned and connected the Nanov Hybrid Power Plant to Romania’s electricity system. The project combines 26 MW DC/23.45 MW AC of solar generation capacity with a 5 MW/10.67 MWh battery energy storage system (BESS). Built with an investment of €13.5 million, the facility includes more than 44,000 solar PV modules installed across approximately 25 hectares.
According to the Romanian energy services company, the plant can generate enough electricity to meet the annual consumption equivalent of more than 14,500 households. The project received support under Romania’s National Recovery and Resilience Plan (PNRR) and financing from Libra Internet Bank.
OMV Petrom Backs 415 MW Solar Park with 600 MWh Storage
Romanian-based integrated energy producer OMV Petrom has taken the final investment decision (FID) for the Gabare project in Bulgaria. The facility an integrated renewable energy development combining a 415 MW solar plant with a 600 MWh BESS. This is the company’s maiden battery storage project.
Located in the Byala Slatina region, the project will be developed through Dunav Solar Plant OOD, a joint venture (JV) equally owned by OMV Petrom and Enery. The project represents an investment of around €300 million, including approximately €100 million for the battery storage component. Construction is expected to begin after the signing of the construction contract. Initial power generation is targeted for 2028. OMV Petrom says it has secured a power purchase agreement (PPA) to acquire 50% of the solar park’s future electricity output.
Matrix Renewables has inaugurated the 50 MW Adelfa Solar PV Plant in Paredes de Nava, Palencia, Spain. With this, it has completed a 5-project solar cluster of 50 MW each with a combined capacity of 250 MW. The portfolio, which includes the Adelfa, Almendro, Baluarte, Bombarda, and Retama solar plants, represents a total investment of €227 million.
The company said the cluster strengthens its renewable energy presence in Castilla y León. Matrix said it is also evaluating the addition of co-located BESS and onshore wind hybridization to improve grid flexibility and deliver more reliable clean energy. It currently operates 691 MW of solar capacity in Spain.
Swedish solar technology company Vaja AB, which develops vertical solar tracking systems designed to improve solar energy production at higher latitudes, has raised €3.1 million in seed funding. The round was led by The Footprint Firm, with participation from node.vc. It brings the company's total funding from equity investments and grants to €6 million.
The company said the funding will support market expansion, customer installations, product validation, continued development of its solar tracking technology, and team growth. Vaja's flagship solution, VajaTrack, is a vertical single-axis tracking system that it claims increases energy generation, delivering 25% 50% higher revenue compared with fixed-mount solar installations.
Founded by entrepreneurs Henrik Eskilsson and Anders Olsson, Vaja says its solar tracking solutions target regions beyond 30° latitude, including parts of Europe, North America, and Asia. The company said due to strong demand it is opening additional installation slots for 2026 amid growing interest in its technology. It is accepting reservations for agricultural and pilot installations.
Octopus Energy has launched SolarUp, a new offering designed for German market. It is aimed at solar panels that have reached the end of their 20-year feed-in tariff (FIT) period, as well as for new solar customers seeking greater energy cost predictability. The package combines a fixed-price electricity tariff, a transparent annual payment for surplus power exported to the grid, and the installation of battery storage and a new inverter as a retrofit. Depending on system size, storage capacity, and household energy use, customers could achieve significant annual electricity cost savings while improving the utilization of self-generated solar power, it claims.
The company said the approach can help extend the economic life of older solar systems while improving returns for new installations. “With SolarUp,” said Octopus Energy Germany CEO Bastian Gierull, “we extend the economic lifespan of existing systems and optimize new systems for maximum efficiency from the outset.” According to the company, SolarUp is designed to reduce customer exposure to market risks and simplify energy management.
