IKEA Acquires Solar Park and Wind Farm in Poland for $202 Million

OX2 has developed two solar projects at the cost of €173 million (~$184.35 million) for Ingka


Ingka Group, which owns most of the IKEA Retail stores globally, has acquired a ready-to-build solar park and wind farm in Wyoska in North-Western Poland through its investment arm, Ingka Investments, for €190 million (~$202.18 million).

The wind farm has an installed capacity of 63 MW with an annual production of 183 GWh.

Ingka Investments has signed a purchase agreement with large-scale onshore wind and solar power developer OX2, which has already developed two solar projects for Ingka. The total investment transaction value of €190 million ((~$202.18 million) includes a transaction value of €173 million (~$184.35 million) to OX2 and the remainder to other stakeholders involved in the original wind and solar project company.  Both the projects are scheduled to be fully operational by the end of 2024.

The company said that the acquisition would secure long-term access to clean energy for IKEA Retail’s operations and its Poland-based value chain partners.

Managing Director of Ingka Investments, Krister Mattsson, said, “The investment represents another important step for us as it will further reduce IKEA Retail’s climate footprint, including distribution and logistics. 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.”

Ingka further intends to reduce IKEA’s climate footprint by supporting a broader transition to a net-zero world. Ingka currently owns and operates six wind farms in Poland with a total capacity of 180 MW. The plants generate 450 MWh of power annually through wind energy, while the IKEA Retail and Distribution in Poland supplies electricity to all six farms.

IKEA is committed to the Paris Accord and is working to limit the global temperature rise to 1.5 degrees Celsius.

Currently, Ingka Group owns and operates 575 wind turbines in 17 nations, where it has 20 fully functional solar parks. Ingka has expanded its rooftop solar services in these countries, wherein 935,000 solar panels have been deployed on the roofs of IKEA stores and warehouses.

Ingka’s total renewable energy portfolio is over 2.3 GW, which equals the annual consumption of over 1.25 million households in Europe. The company aims at 100% renewable modes of electricity consumption in its operations by 2025.

Earlier this year, Ingka Group acquired nine solar projects in Germany and Spain from European solar developer Enerparc through Ingka Investments. The solar PV development portfolio investment was around €340 million (~$371 million).

Recently, IKEA U.S. collaborated with SunPower Corp, a residential solar technology provider allowing members of the IKEA Family customer loyalty program to purchase home solar solutions to generate and store their renewable energy.