IKEA owner acquires 49% stake in US PV projects

Ilaria Grasso Macola 9 April 2020 (Last Updated April 16th, 2020 17:00)

IKEA owner Ingka Group has acquired two solar photovoltaic (PV) projects in the US, after buying a 49% stake in each.

IKEA owner acquires 49% stake in US PV projects
Ingka Group has acquired a 49% stake in two solar power projects in the US. Credit: Science in HD.

IKEA owner Ingka Group has acquired two solar photovoltaic (PV) projects in the US, after buying a 49% stake in each.

With a 403MW capacity, the projects – located respectively in Texas and Utah – will be one of the biggest in the country.

Ingka Group’s investment subsidiary Ingka investment finalised the deal for the Utah solar farm on 31 December 2019 and acquired the Texas project at the end of March.

The Texas Misae photovoltaic farm will produce 567GWh per annum, allowing the group to access 277GWh of electricity, more than what is consumed by 50 IKEA stores.

Ingka Investments managing director Krister Mattson said: “Since 2009, Ingka Group has invested close to €2.5bn in renewable energy. For us, investing in renewable energy is a part of our asset management strategy, as it fully supports our sustainability commitments.

“We plan to continue with our future investment strategy and are focusing on countries where we do not have large scale renewable energy production yet, such as Russia and China.”

With the acquisition of the two US PV farms, the group will now produce more energy than it consumes, aligning with its target to consume 100% renewable energy in each of the 30 countries where Ingka Group operates.

The group has also pledged to consume 100% renewable electricity by 2025 and phase out fossil fuel-based heating and cooling by 2030.