Ingka Group, the Dutch holding company that owns most IKEA stores, has announced that its investment arm has bought a solar photovoltaic (PV) project portfolio in Europe.

Ingka Investments purchased the 440MW portfolio from Germany-based solar energy developer Enerparc .

The portfolio includes five projects in Spain and four in Germany. It will require a total investment of around €340m ($371m).

The nine projects are currently in early stages of development and are expected to reach their construction phase at the end of this year.

The construction period for the projects is expected to last six months.

The projects in Germany will have an expected combined capacity of around 300MW, while those located in Spain will have 140MW of capacity in total.

Once complete, the projects will generate enough electricity to power 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.”

Enerparc CEO and board chairman 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.”

The investment will support IKEA’s goal of becoming ‘climate-positive’, reducing more greenhouse gas emissions than the full IKEA value chain emits, by 2030.

Ingka Group currently owns and operates 547 wind turbines across 14 countries, as well as ten solar parks and 935,000 solar panels on the roofs of IKEA stores and warehouses.