September 17 (Renewables Now) - IKEA stores operator Ingka Group has agreed to buy a 49% stake in two US solar projects with a combined capacity of 403 MW from Copenhagen Infrastructure Partners (CIP).
One of the two projects is located in the state of Utah and consists of 636,000 photovoltaic (PV) panels. It should come into operation later in September, according to the announcement.
The other asset is located in Texas and comprises 823,000 panels that are expected to begin generating power in January 2020.
While Ingka already owns and operates about 900,000 rooftop solar arrays on IKEA stores, distribution centres and other buildings around the world, the new purchases represent its first utility-scale solar assets.
"We are delighted to extend our portfolio to now include utility scale solar parks in addition to our two wind farms in the US, bringing us closer to reaching our goal of renewable energy production exceeding our energy consumption," said Krister Mattsson, Managing Director Ingka Investments, the investment arm of Ingka Group.