Ingka Investments, an investment arm of Ingka Group, acquired nine solar PV projects totaling 440 MW in Germany and Spain from solar PV developer Enerparc.

The expected generation capacity of the solar PV projects is around 300 MW in Germany across four solar development projects and 140 MW in Spain across five solar development projects.

The total investment in the solar PV development portfolio will amount to approximately €340 million (~$371 million). The expected production from the solar projects in Germany and Spain will generate the equivalent of electricity consumption in all IKEA stores and warehouses in the two countries.

The projects are in the early stages and are expected to become ready for construction at the end of 2022, progressing into 2023.

With our solar and wind projects, we want to make renewable energy available throughout the IKEA value chain and beyond,” says Krister Mattsson, Managing Director, Ingka Investments.

As a part of a €6.5 billion (~$7.10 billion) initiative to support 100% renewable energy consumption across the value chain and beyond, Ingka Investments has invested and committed more than €2.7 billion (~$2.95 billion) into renewable energy projects in wind and solar power.

Currently, Ingka Group owns and manages 547 wind turbines in 14 countries, 10 solar projects, and 935,000 solar panels on the roofs of IKEA stores and warehouses. Together, this produces more than 4 TWh, equivalent to the annual electricity consumption of over 1 million European households.

The development of the solar PV projects in Germany and Spain are part of IKEA’s commitment to becoming climate positive by 2030 by reducing more greenhouse gases (GHG) emissions than the IEA value chain emits.

Over 68 GW of solar projects were acquired in 2021, compared to 39.5 GW in 2020, according to Mercom’s 2021 annual solar funding and M&A report.