IKEA Makes First Solar Park Investment worth $272 Million in Russia

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Ingka Group, the owner of most IKEA stores world-wide, has announced that they have agreed to buy a 49 percent stake in eight solar parks in Russia from Solar Systems LLC.

Ingka Group will fund 160 MW of solar projects, worth $272 million, in south-west Russia, so as to accelerate its investment in renewable energy.

“We are looking forward to working with Solar Systems and enabling renewable electricity consumption for IKEA Retail, Ingka Centres operations, as well as the IKEA value chain to reduce our climate footprint in Russia,” said Krister Mattsson, Managing Director, Ingka Investments.

IKEA aims to be climate positive by 2030 by reducing greenhouse gas emissions by more than the entire IKEA value chain emits, from raw material production to customers’ disposal of their furniture. To help reach the target, Ingka Group is looking to accelerate investments in renewable energy, eyeing Russia and China in particular.

In a press release, Solar Systems said that the company “is pleased to have a strategic partnership with an international company that shares the values of sustainable development and sets ambitious goals for achieving carbon neutrality.”

Ingka Group has invested 2.5 billion euros ($2.97 billion) in renewable energy since 2009 and recently surpassed a target to produce as much renewable energy as the energy it consumes in its own operations.

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