Ingka Group has acquired a 49% stake in two Solar PV projects in Utah and Texas. With a total 403 megawatt capacity, this development ranks among the larger Solar Photovoltaic (PV) projects in the United States.
Currently, Ingka Group owns and operates 900,000 rooftop solar photovoltaic (PV) panels on IKEA stores, distribution centers and other buildings worldwide. These latest investments are the first off-site solar plants for Ingka Group and will consist of 636,000 panels in Utah (coming into operation later this month) and 823,000 panels in Texas (expected to come into operation in January).
The company has already made significant renewable energy investments in the U.S., including two wind farms in Illinois and Texas, solar panels at 90% of its locations, geothermal projects at two stores, and biogas-powered fuel cell systems.
“Investing in renewable energy is an important part of our financial assets management strategy, as it fully supports our sustainability commitments,” says Krister Mattsson, Managing Director, Ingka Investments, the investment arm of Ingka Group. “We are delighted to extend our portfolio to now include utility scale solar parks in addition to our two wind farms in the U.S., bringing us closer to reaching our goal of renewable energy production exceeding our energy consumption.”
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