IKEA enters photovoltaics! Intended to spend 272.16 million US dollars to complete the first solar investment in Russia
April 15, 2021
Ingka Group, the owner of most IKEA stores worldwide, has agreed to acquire 49% of Russia’s eight solar parks from Solar Systems LLC, marking the company’s first renewable energy investment in the country.
According to Ingka Investments, the investment arm of the world's largest furniture retailer, the total book value of the eight solar parks exceeds 21 billion rubles ($272.16 million).
IKEA’s goal is to achieve a positive climate by 2030, and reduce greenhouse gas emissions by more than the entire IKEA value chain through the production of raw materials to the disposal of furniture by customers. To help achieve this goal, Ingka Group hopes to accelerate investment in renewable energy, with particular attention to Russia and China.
Since 2009, the Ingka Group has invested 2.5 billion euros in renewable energy and recently exceeded its goal of producing the same amount of energy consumed by its own business.
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