Ingka Investments, the investment arm of Ingka Group and the parent company of IKEA retail, has announced its first renewable energy investment in India, acquiring a 100% stake in a 210 MW solar project in Bikaner, Rajasthan.

The project is part of Ingka’s ₹10 billion (~$112.7 million) commitment to renewable energy in India.

The solar project has reached ready-to-build status, with construction scheduled to begin shortly and operations expected to commence by December 2026. The project is designed to produce approximately 380 GWh of renewable energy annually.

Ingka Investments is partnering with ib vogt, a Germany-based integrated large-scale solar developer with operations in India. Ib vogt Solar India will oversee the project’s construction and handle the first three years of operations.

Globally, Ingka Group has committed €7.5 billion (~$8.66 billion) to support 100% renewable energy consumption across its value chain by 2030. So far, the company has invested and committed €4.2 billion (~$4.85 billion) in wind and solar energy projects worldwide.

The company’s portfolio includes renewable energy assets that collectively generate enough power to meet the annual consumption of over 1.47 million European households.

It has invested in 49 wind farms across 17 countries and 26 solar parks across nine countries (operational and committed). The company also operates a battery storage project.

In June this year, Ingka announced the acquisition of a 76.3 MW solar project portfolio in the Netherlands from the SUSI Renewable Energy Fund II.

In 2022, it acquired nine solar PV projects totaling 440 MW in Germany and Spain from the European solar project developer Enerparc.

IKEA India has achieved 100% zero-emission EV deliveries in key cities and is targeting 100% renewable energy operations by 2025 as part of its RE100 commitment.

Ingka Group, which operates in 31 countries, has aligned its climate goals with the Paris Agreement and the Science Based Targets initiative (SBTi) Corporate Net-Zero Standard.

Approved by SBTi in April 2024, the targets include reducing absolute greenhouse gas emissions from its value chain by at least 50% by FY 2030 compared to FY 2016 levels, and achieving net-zero emissions by 2050 without relying on carbon offsets.

The company has reduced its climate footprint by 30.1%, compared to the FY 2016 baseline.