Commercial, Solar, Sourcing Renewables - April 8, 2020
Ingka Group buys into two U.S. solar projects for IKEA stores
Ingka Group, the owner of 380 IKEA stores in 30 countries, finalized the takeover of two U.S. solar projects that have a total capacity of 403 MW.
The deal was first set in motion in September 2019, when Ingka Investments agreed to acquire 49% stake in the two projects. The acquisition of the Utah project was finalized on December 31 and the takeover of the Texas solar project was concluded on March 31. With the finalization of this contract, Ingka Group now produces more energy than it consumes.
The Texas project produces 567 GWh of energy each year, of which Ingka Group will have access to 277 GWh of electricity, which is equal to the energy consumption of more than 50 IKEA stores.
“Since 2009, Ingka Group has invested close to 2.5 billion euros in renewable energy,” Krister Mattsson, Managing Director Ingka Investments, the investment arm of Ingka Group, said in a statement. “For us, investing in renewable energy is a part of our asset management strategy, as it fully supports our sustainability commitments.”
IKEA has previously committed to becoming climate positive and Ingka Group has also targeted consuming 100% renewable electricity in each of the 30 countries where their businesses operate through onsite and offsite wind and solar. The newest goal set by Ingka Group is to ensure their businesses are fully run on renewable energy by 2025 and to phase out fossil fuel-based heating and cooling by 2030.
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