Skip to main content

6 April 2020

Ingka Group acquires Utah, Texas solar parks to boost renewable energy generation

Ingka Investments, the investment arm of Ingka Group (owner and operator of 380 IKEA stores in 30 countries), has taken over two solar photovoltaic (PV) projects in the U.S. after completing the acquisition of 49% ownership stake in each of them, which will help the company generate more renewable energy than ever before. 

In September last year, Ingka Investments reached an agreement with Copenhagen Infrastructure Partners (CIP) to acquire 49% stake in these two Solar PV projects. With a total of 403 mega-watt capacity, this development ranks among the larger solar PV projects in the United States. Ingka Group took over the Utah solar PV project on December 31, last year, while the takeover of the Texas solar PV project concluded on March 31, 2020. 

The completion of this transaction holds special significance for Ingka Group as it will now produces more energy than it consumes. As of February, end, for the first time, Ingka Group’s 12 months’ energy production has exceeded its 12 months of energy consumption. As new investments continue in Finland and the US, Ingka Group is working towards its target for production to exceed consumption. 

IKEA has an ambition to become climate positive*, reducing more greenhouse gas emissions than the IKEA value chain emits.  By FY25**, Ingka Group aims to consume 100% renewable electricity  in each of its 30 countries where its present, focusing generating renewable electricity onsite and offsite both on wind farms and utility-scale solar farms.  The company is now working to ensure its business is fully run on renewable energy with the aim to consume 100% renewable electricity in its retail operations by 2025 and to phase out fossil fuel-based heating and cooling by 2030, while increasing energy efficiency.

The Misae project in Texas, which produces 567 GWh of energy per annum, will be crucial in these plans. Ingka Group will now have access to the production of 277 GWh of electricity, which is equivalent to the consumption of more than 50 IKEA Stores. Besides this, the Misae project has 823,228 panels of which Ingka Group will own 49%, giving an equivalent number of over 400,00 additional panels owned by Ingka Group. 

“Since 2009, Ingka Group has invested close to 2.5 billion euros in renewable energy. For us, investing in renewable energy is a part of our asset management strategy, as it fully supports our sustainability commitments,” says Krister Mattsson, Managing Director Ingka Investments, the investment arm of Ingka Group. 

“We plan to continue with our future investment strategy and are focusing on countries where we do not have large scale renewable energy production yet, such as Russia and China,” says Mattsson (picture below).
For Ingka Group, the future of energy is renewable, and that’s why it has invested heavily in wind and solar power over the past decade. Within the Renewable Energy portfolio of Ingka Investments, the ownership and commitments include 534 wind turbines in 14 countries and 2 solar energy farms with 715,000 solar panels under construction in the USA.

For more information about Ingka Investments please go to:

Read more about Ingka Group’s sustainability goals and becoming People & Planet Positive here:*

*Becoming climate positive is about reducing more greenhouse gas emissions than what the IKEA value chain emits. IKEA is committed to the Paris Agreement and to contribute towards limiting climate change to 1.5°C. This includes a commitment to halve the absolute net GHG emissions from the total IKEA value chain by 2030, through drastically reducing GHG emissions and by removing CO2 from the atmosphere and storing the carbon in land, plants and products through better forest and agriculture management within the IKEA value chain. IKEA will ensure that carbon remains stored in our products and materials longer through the circular economy. 

FY25** – Sept 1, 2024 to Aug 31, 2025

Media enquiries

For further information, please contact us at or by calling +46 70 993 6376


Related articles

IKEA Retail Press Releases Sustainability

WEF Alliance of CEO Climate Leaders calls on all governments to deliver bold climate action ahead of COP27

Ingka Centres Press Releases

Ingka Centres open pop-up PlayLabs, bringing parents and children together in the spirit of play

IKEA Retail Press Releases Sustainability

Ingka Group welcomes new retail associations to the Race to Zero 2030 campaign, to accelerate climate action

IKEA Retail Ingka Centres Press Releases Sustainability

First ever Atelier100 product collection launch – all products made within 100km of London

IKEA Retail Press Releases Reports and Summaries

Increased growth of 5.6 percent for IKEA sales during exceptional times

Culture and Co-Workers IKEA Retail Press Releases

Join us in a live discussion on how companies can accelerate refugee integration

IKEA Retail Ingka Investments Press Releases

Ingka Investments to invest €100m in Social Housing Projects in Dublin

IKEA Retail Press Releases Sustainability

Climate Week NYC 2022 – Positive movements on the climate crisis but more action needed

IKEA Retail Press Releases

Ingka Group opens first IKEA planning studio in Australia as part of investment to get closer to customers

IKEA Retail Press Releases Sustainability

IKEA stores halve production food waste, saving more than 20 million meals over four years

IKEA Retail Press Releases Sustainability

Ingka Group joins Climate Week NYC – advocating for urgent climate action and policies

IKEA Retail Press Releases Sustainability

IKEA is making plant-based food more affordable and accessible for the many