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Ingka Group Invests in First US Solar Parks
Tuesday 17 September 2019

17 September 2019 - Dutch retail holding company Ingka Group (Ingka Holding B.V. and its controlled entities) strategic partner to IKEA franchisee system, has reached agreement with Copenhagen Infrastructure Partners to acquire a 49% stake in two Solar PV projects in Utah and Texas, the group said.

With a total of 403mw capacity this development ranks among the larger Solar Photovoltaic projects in the United States.

Currently, Ingka Group owns and operates 900,000 rooftop solar photovoltaic panels on IKEA stores, distribution centers and other buildings worldwide.

These latest investments are the first off-site solar plants for Ingka Group and will consist of 636,000 panels in Utah (coming into operation later this month) and 823,000 panels in Texas (expected to come into operation in January).

The company has already made significant renewable energy investments in the US, including two wind farms in Illinois and Texas, solar panels at 90% of its locations, geothermal projects at two stores, and biogas-powered fuel cell systems.

To meet the challenges of climate change, IKEA is transforming to become climate positive and circular by 2030, reducing more greenhouse gas emissions than the IKEA value chain emits.

For Ingka Group, this means generating renewable energy and consuming renewable electricity while increasing energy efficiency and working to halve emissions from customer and co-worker travel.

It will also roll out zero emissions home deliveries to all markets by 2025.

Ingka Group has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Ingka Group is a strategic partner in the IKEA franchise system, operating 367 IKEA stores in 30 countries.
Details
Date Published: 17/09/2019
Target: 49% stake in two Solar PV projects in,  Utah and Texas
Country: USA
Sector: Alternative Energy
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor: Copenhagen Infrastructure Partners
Buyer: Ingka Group (Ingka Holding B.V. and its controlled entities)
Comment:
Terms of the deal were not disclosed

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