Ingka Investments, the investment arm of Ingka Group, acquires 300MWp ready-to-build solar PV park in Romania as part of its commitment towards a renewable energy future. The total investment in the solar PV project will amount to over Euro 200 million.
The solar PV project is located in Dâmbovița county, north west of Bucharest, and has as a total installed capacity of 300MWp that, once operational towards the end of 2025, will produce enough renewable energy for equivalent of roughly 95.000 European households.
“We are proud to be announcing this important initiative in Romania, where we have a long-term presence and commitment. The development of this solar park project in Dâmbovița county is another step towards renewable energy production in the region and a chance for Ingka Investments to contribute to the country’s energy mix and renewable energy consumption goals for 2030. With our own solar park, we want to make renewable energy available throughout the IKEA value chain and beyond in the areas in which we operate,” said Peter van der Poel, Managing Director, Ingka Investments.
Ingka Group already owns nine wind farms in Romania with a total capacity of 171 MW. The addition of the solar park in Dâmbovița county will further reduce the company´s climate footprint by increasing renewable energy production in the area. This will enable a broader renewable energy offer to a larger number of local suppliers in the extended value chain.
As part of a Euro 6.5 billion initiative to support of 100% renewable energy consumption across the value chain and beyond, Ingka Investments has invested and committed more than Euro 4 billion into renewable energy projects in wind and solar power.
The development of the latest solar PV park in Romania is part of the IKEA commitment to becoming climate positive* by 2030 by reducing more greenhouse gas emissions than the IKEA value chain emits, while also simultaneously growing the IKEA business. As the biggest retailer in the IKEA franchisee system, Ingka Group’s contribution is key to the successful accomplishment of the 2030 goals.
Today, Ingka Group has committed to owning or owns 594 wind turbines, 29 solar parks in 19 countries and over a million solar panels on the roofs of IKEA stores and warehouses. Together, this produces more than 5 TWh, equivalent to the annual electricity consumption of over 1.25 million European households.
IKEA climate positive means to reduce more greenhouse gas (GHG) emissions than the IKEA value chain emits by 2030, while growing the IKEA business. IKEA is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C above pre-industrial levels. This includes a commitment to halve the absolute net GHG emissions from the total IKEA value chain by 2030. Company will achieve this by drastically reducing GHG emissions through science-based targets and by removing carbon from the atmosphere through natural processes and storing it in land, plants and products through better forest and agriculture management within the IKEA value chain.
