IKEA retailer buys 92 MW of Polish wind, solar from OX2

The investment arm of Ingka Group, the biggest retailer in the IKEA franchisee system, has acquired a ready-to-build wind farm and solar park in Poland totalling 92 MW from Swedish developer OX2.

The total investment transaction value stands at EUR 190 million (USD 203.5m), Ingka Group said on Tuesday.

More specifically, Ingka Investments has bought a 63-MW wind project in Wysoka, Greater Poland Voivodeship, which will be equipped with 11 Nordex N149 5.X turbines. Once in operation, the plant is expected to generate around 181 GWh of electricity per year. The second purchase is the 29-MW solar project in Recz, West Pomeranian Voivodeship, which has an estimated annual output of 31 GWh.

Both plants are scheduled to go live by the end of 2024. Their output production will be used to meet the electricity consumption of IKEA’s retail operations and its value chain partners in Poland.

At present, the Ingka Group owns and manages 575 wind turbines in 17 countries, 20 solar parks and 935,000 solar arrays on top of IKEA stores and warehouses. So far, it has committed more than EUR 2.9 billion into renewables in a drive to achieve 100% renewable energy consumption across its operations by 2025. The company’s investment arm is pursuing more deals in Europe and will also target Australia, Japan, South Korea and India.

IKEA wants to become climate positive by 2030.

(EUR 1.0 = USD 1.071)

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