Ikea owner Ingka buys 9 solar plants in Germany, Spain for €340M

Ingka Holding BV, the largest retailer of the Ikea franchise, has acquired nine solar photovoltaic parks in Germany and Spain from ENERPARC AG.

Through its Ingka Investments subsidiary, Ingka Holding purchased four solar projects in Germany with a total capacity of 300 MW, and five solar parks in Spain with a total capacity of 140 MW.

Combined, the nine solar projects are capable of generating enough power equivalent to the electricity consumption of all IKEA stores and warehouses in the two countries.

Ingka Holding is investing €340 million in the portfolio, which consists of projects that are ready for construction at the end of 2022 until 2023.

Ikea aims to become climate positive by 2030, while Ingka Group plans to develop a total of 10 GW solar plants until 2030.

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