IKEA owner acquires Polish wind, solar from OX2

• Agreement with designer for EUR190m is for two projects due to be operational by the end of 2024

The financial investment arm of IKEA owner Ingka Group has actually expanded its renewable resource procurements by purchasing a ready-to-build wind farm and also solar park, located in north-western Poland.

The brand-new agreement has actually been signed with OX2, that has developed both projects that are expected to be totally operational by the end of 2024.

The complete value of the purchase is EUR190m as well as will certainly protect long-lasting accessibility to renewable resource for IKEA Retail operations as well as its value chain companions in Poland.

The financial investment will aid to more decrease the IKEA climate impact across the value chain and also support a wider transition to a net-zero society, Ingka added.

Ingka Investments currently owns and operates six wind farms with a total capacity of 180MW in Poland generating 450GWh annually, well over of the electrical power consumption of the Polish IKEA Retail and Distribution.

The overall value of the purchase with OX2 is EUR173m.

Ingka Investments handling director Krister Mattsson claimed: "We are delighted to more grow our renewable energy portfolio in Poland.

" This investment stands for an additional vital step for Ingka Investments as it will certainly suggest an additional decrease of the climate impact of IKEA Retail including distribution and logistics, and additionally IKEA value chain partners based around the nation.

" Having lately purchased renewable energy in Spain as well as Germany, this financial investment shows our continued dedication to invest in countries where IKEA Retail runs as well as to enhance the share of renewable resource across the IKEA value chain."

Because 2009 Ingka Group has spent EUR2.9 bn into renewable energy projects in wind and solar power, making it possible for the business to produce even more renewable resource than it eats throughout its global procedures.

Going into an important decade for climate action, Ingka Investments has dedicated to increasing its investments in renewable energy to EUR6.5 bn as the next action in the direction of 100% renewable energy throughout the value chain.

OX2 president Paul Stormoen: "Solar energy is a key part of OX2's method to diversify our portfolio.

" Solar power will additionally play a central duty in the power mix of the countries we are active in and also OX2 desires a leading role in increasing this advancement.

" I am added delighted that Ingka Group is the purchaser of our initial solar project as we continue to improve the strong partnership developed over the 12 years we have actually interacted."

Today, Ingka Group has and takes care of 575 wind turbines in 17 countries, 20 solar parks as well as 935,000 solar panels on the roofs of IKEA shops and also warehouses.

With each other, our overall renewable resource power completes more than 2.3 GW, equivalent to the annual consumption of over 1.25 million European households.

By 2025, Ingka Group is aiming for the power consumption in its procedures to be 100% renewable.

To accomplish this consumption target, Ingka Investments remains to expand its renewable resource partners in Europe and also North America plus targeting even more essential nations like Australia, Japan, South Korea, and India.