Ingka Investments, the investment arm of Ingka Group, acquired 300 MW of ready-to-build solar PV projects in Romania. The total investment in the solar PV project will amount to over €200 million (~$211.74 million).
The solar PV project is located in Dâmbovița County, northwest of Bucharest, and has a total installed capacity of 300 MW that, once operational towards the end of 2025, will produce enough renewable energy for the equivalent of roughly 95,000 European households.
Ingka Group has committed to owning 594 wind turbines, 29 solar parks in 19 countries, and over a million solar panels on the roofs of IKEA stores and warehouses. Ingka Investments has invested and committed more than €4 billion (~$4.23 billion) into renewable energy projects in wind and solar power.
“We are proud to be announcing this important initiative in Romania, where we have a long-term presence and commitment. The development of this solar park project in Dâmbovița County is another step towards renewable energy production in the region and a chance for Ingka Investments to contribute to the country’s energy mix and renewable energy consumption goals for 2030. With our own solar park, we want to make renewable energy available throughout the IKEA value chain and beyond in the areas in which we operate,” says Peter van der Poel, Managing Director, Ingka Investments.
The development of the latest solar PV park in Romania is part of the IKEA commitment to becoming climate-positive by 2030 by reducing more greenhouse gas emissions than the IKEA value chain emits, while also simultaneously growing the IKEA business.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were a total of 166 project acquisitions for 31.6 GW compared to 207 projects acquired for 52.1 GW in 9M 2022.
OX2, a Sweden-based renewable energy company that develops, funds, and manages large-scale projects, signed an agreement recently to sell 23 M.W. of AgriPV project located in the Loiret region, France, to CVE, a France-based independent renewable energy power producer.