Ingka Investments Acquires 210 MW Solar Project in Rajasthan, Commits ₹10 Billion to Indian Renewables

Ingka Investments, part of the global IKEA retail entity Ingka Group, has secured a 100% ownership stake in a 210 MWp solar power project located in Bikaner, Rajasthan. This acquisition marks a significant entry into India's renewable energy landscape for Ingka Investments, as it represents their first project of this nature in the country. The investment is a part of Ingka Group's broader commitment of ₹10 billion dedicated to bolstering the renewable energy sector in India. The solar project has achieved a ready-to-build status, with construction set to commence shortly and operations anticipated to begin by December 2026. Upon completion, the project is projected to generate 380 GWh of renewable energy annually, which will be substantial enough to meet the energy demands of Ingka Group's retail, shopping centre, and distribution operations across India. Frederik de Jong, Head of Renewable Energy at Ingka Investments, emphasized India's critical importance for both IKEA's retail expansion and its supply chain, viewing this solar project as a vital step towards making IKEA's Indian operations more sustainable and future-ready. Ingka Investments is partnering with ib vogt, a German integrated solar PV developer, and its Indian subsidiary, ib vogt Solar India, which will manage construction and the initial three years of operations. This development is also projected to create significant local employment opportunities, with an estimated 450 jobs during the construction phase and 10 to 15 during ongoing operations. IKEA India's CEO, Patrik Antoni, reiterated the company's core commitment to sustainability, highlighting achievements like LEED-certified stores and a commitment to powering operations with 100% renewable energy by 2025. Ingka Group globally adheres to the Paris Agreement and has reinforced its climate targets, aiming for substantial reductions in greenhouse gas emissions.

Impact This investment underscores India's growing appeal for substantial foreign investment in renewable energy. It will contribute to India's clean energy targets, enhance energy security, and stimulate local economic development through job creation. For Ingka Group, it signifies a major step in decarbonizing its Indian operations and reinforcing its global sustainability commitments. Rating: 8/10

Difficult Terms: MWp (Megawatt peak): A unit measuring the maximum power output of a solar panel or system under standard test conditions. GWh (Gigawatt-hour): A unit of energy, equivalent to one billion watt-hours, used to measure large amounts of electricity generation or consumption. Subsidy-free: Refers to a project that can operate profitably without direct government financial support or incentives. LEED Gold Certified: Leadership in Energy and Environmental Design (LEED) is a green building certification program. Gold indicates a high level of environmental performance in a building. RE100: A global initiative where companies commit to sourcing 100% renewable electricity for their operations. EV: Electric Vehicle, a vehicle powered solely by electricity. Paris Agreement: An international treaty adopted in 2015 to combat climate change by limiting global warming. Science Based Targets initiative (SBTi): An organization that helps companies set emission reduction targets aligned with climate science. Greenhouse Gas Emissions (GHG): Gases that trap heat in the atmosphere, contributing to global warming. Carbon Offsets: Reductions in greenhouse gas emissions made to compensate for emissions elsewhere.