Netherlands-based Ingka Group, the owner of IKEA stores, has announced that it will invest an additional €4bn in renewable energy projects.
The investment is expected to reduce the company’s climate footprint and support its transition to a net-zero society. Ingka Group will make the investment in wind and solar projects in new countries.
The company claims to have invested €2.5bn into renewable energy in the past decade, to generate more renewable energy globally than it consumes.
Ingka Group has recently announced the acquisition of a 49% stake in eight solar PV parks in Russia, with a combined capacity of 160MW.
The solar facilities are expected to provide adequate electricity to power all 17 IKEA stores in Russia, in addition to meeting the electricity needs of some of the MEGA shopping centres across the country.
Currently, the firm owns and manages 547 wind turbines, 10 solar parks in 15 countries and 935,000 solar panels on the roofs of IKEA stores and warehouses.