The Ingka Group, based in Sweden has announced its acquisition of nine solar power park projects in Germany and Spain for €340 million. Notably, Ingka Group owns the majority of IKEA stores worldwide. The solar installations have a combined capacity of 440 MW. The portfolio was purchased by the Ingka Group solar from ENERPARC, a solar power developer. The Swedish company has made specific investments in four 300 MW solar power projects in Germany and five 140 MW solar power projects in Spain.

Reportedly, the projects are still in the planning phase, but they must be ready for construction by the end of 2022. It will take around six months to complete the construction. The Ingka Group stated that once the solar power projects are operational, they will generate sufficient electricity to meet the needs of all IKEA stores and warehouses in Germany and Spain.

Ingka Group currently operates in 32 markets and sells approximately 90 per cent of IKEA furniture at retail. By 2030, the company intends to be climate positive, and by 2050, it wants to be net-zero. In January 2022, Ingka acquired the hurricane-damaged lands in Florida for a massive plantation to reclaim the ground, increase biodiversity, and ensure sustainable timber production.