Ingka Group owns and operates 900,000 rooftops solar photovoltaic (PV) panels on IKEA stores, distribution centers and other buildings worldwide
Image: Ingka Group invests in first US solar parks. Photo: courtesy of andreas160578/Pixabay.
IKEA stores operator Ingka Group has entered into an agreement with Copenhagen Infrastructure Partners to buy a 49% stake in two solar PV projects with a combined capacity of 403MW in the US.
One of the solar plants is located in Utah and will become operational later in September. The project consists of 636,000 panels.
On the other hand, the Texas-based project consists of 823,000 panels and is expected to begin operation in January 2020.
The Ingka Group already owns and operates 900,000 rooftops solar photovoltaic (PV) panels on IKEA stores, distribution centers and other buildings around the world.
Ingka Investments, the investment arm of Ingka Group, managing director Krister Mattsson said: “Investing in renewable energy is an important part of our financial assets management strategy, as it fully supports our sustainability commitments.
“We are delighted to extend our portfolio to now include utility-scale solar parks in addition to our two wind farms in the US, bringing us closer to reaching our goal of renewable energy production exceeding our energy consumption.”
Other investments of Ingka Group in US
Ingka Group has already made renewable energy investments in the US, which includes two wind farms in Texas and Illinois, solar panels at 90% of its locations, geothermal projects at two stores, and biogas-powered fuel cell systems.
The company aims to generate renewable energy and consuming renewable electricity while increasing energy efficiency and working to reduce emissions by 50% from customer and co-worker travel.
It also plans to roll out zero emissions home deliveries to all markets by 2025.
Copenhagen Infrastructure Partners senior partner Christian Skakkebaek said: “CIP is pleased to enter into this long-term partnership with Ingka Group, a company that shares a similar perspective as CIP on the importance of clean energy resources.
“Combining CIP’s industrial background and asset management expertise with Ingka Group’s ambitious corporate sustainability goals, our partnership will provide low cost and renewable power to the Texas and Utah markets.”