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windfair.net

06/03/2022

Ingka Investments acquires renewable portfolio in Poland

Ingka Investments, the investment arm of Ingka Group, which owns most of all IKEA stores worldwide, is buying construction-ready wind and solar farms in northwestern Poland from OX2.

Total value of the transaction is €190 million and provides IKEA with long-term access to renewable energy in Poland to power its stores.

Ingka Investments already owns and operates six wind farms with a total capacity of 180 MW in Poland, generating 450 GWh per year, far more than the electricity consumed by IKEA's Polish retail and distribution operations. The new agreement was signed with OX2, who developed both projects, which are expected to be fully operational by the end of 2024. The total value of the transaction is 173 million euros.

Krister Mattsson, Managing Director, Ingka Investments said: “We are delighted to further grow our renewable energy portfolio in Poland. This investment represents another important step for Ingka Investments as it will mean a further reduction of the climate footprint of IKEA Retail including distribution and logistics, and also IKEA value chain partners based around the country. Having recently invested in renewable energy in Spain and Germany, this investment demonstrates our continued commitment to invest in countries where IKEA Retail operates and to increase the share of renewable energy across the IKEA value chain.”

Since 2009, the IKEA Group has invested €2.9 billion in renewable energy projects in wind and solar power, enabling the company to generate more renewable energy globally than it consumes. At the beginning of the decade, which is crucial for climate protection, Ingka Investments committed to increase its investments in renewable energy to 6.5 billion euros in order to take the next step towards 100% renewable energy throughout the value chain.

Today, Ingka Group owns and manages 575 wind turbines in 17 countries, 20 solar farms and 935,000 solar panels on the roofs of IKEA stores and warehouses. In total, the renewable energy capacity is more than 2.3 gigawatts, which is equivalent to the annual consumption of more than 1.25 million European households. By 2025, Ingka Group aims to cover 100% of electricity consumption in its operations from renewable sources.