Ikea owner buys into 403 MW of US solar parks

Ingka Group, the owner and operator of Ikea stores, has acquired minority interests in 403 MW of solar photovoltaic (PV) parks in the US from Copenhagen Infrastructure Partners (CIP).

Through its investment arm Ingka investments, the company has purchased 49% stakes in two solar projects located in Utah and Texas, respectively, it said earlier this week without providing financial details. While the deal for the Utah scheme was finalised at end-2019, the other one was completed at the end of last month. The purchase was agreed last September.

The plant in Utah consists of 636,000 solar panels and the Texas park, called Misae, uses more than 823,000 panels that have an annual output of 567 GWh. According to the project's website, the Misae plant was brought online in March 2020.

The acquisition will enable Ingka Group to produce more electricity than it consumes and supports its goal of covering 100% of its total power demand with renewables by 2025. “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,” said Krister Mattsson, managing director Ingka Investments.

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