IKEA owner acquires US solar parks to boost renewables transition

The Netherlands-based holding company of multinational retailer IKEA, the Ingka Group, has acquired a 49% share in two US solar photovoltaic (PV) projects with a combined capacity of 403MW, bolstering the company’s transition to renewable energy. In September 2019 group subsidiary Ingka Investments reached an agreement with Copenhagen Infrastructure Partners (CIP) to acquire 49% stake in the two projects, taking over the Utah solar PV project on 31 December 2019, and the Texas project on 31 March. With new investments set to continue and with further acquisitions planned in the US, the group is working towards its target for production to exceed consumption. IKEA plans to transition to 100% renewable energy across global operations and achieve climate positive status by 2025. With a presence in 30 countries worldwide, the company says it will focus on renewable energy generation both on-site, as well as via utility-scale renewable project acquisitions.