Ingka Investments Acquires 100% Stake in 210 MWp Subsidy-Free Solar Project in India

Strategic Insights -

Ingka Investments, the investment arm of Ingka Group, has made its first renewable-energy investment in India by acquiring a 100 percent stake in a 210 MWp subsidy-free solar project in Bikaner. The project, which has reached a ready-to-build stage, is expected to generate 380 GWh of electricity annually and commence operations in December 2026. This acquisition marks a significant milestone in Ingka Group's commitment to support 100 percent renewable-energy use across its value chain by 2030, backed by a global allocation of EUR 7.5 billion.

Key Takeaways:

  • Ingka Investments has acquired a 100 percent stake in a 210 MWp subsidy-free solar project in Bikaner, India, marking its first renewable-energy investment in the country.
  • The project, scheduled to begin construction shortly, will generate 380 GWh of electricity annually once operational.
  • Ingka Group has committed to support 100 percent renewable-energy use across its value chain by 2030, with a global allocation of EUR 7.5 billion.
  • The project will produce more renewable power than required to run IKEA's expanding retail, shopping-centre, and distribution operations in India.
  • The investment will generate employment for approximately 450 workers during the construction phase and 10 to 15 personnel during operations.
  • Ingka Group has reduced its value-chain emissions by at least 50 percent by FY2030 from a FY2016 baseline, with a goal to achieve net-zero emissions by 2050 without relying on carbon offsets.
  • IKEA India aims to operate on 100 percent renewable energy by 2025 and has already deployed zero-emission delivery fleets in key cities.

Statistics:

  • 210 MWp: The capacity of the solar project acquired by Ingka Investments.
  • 380 GWh: The annual electricity generation expected from the project once operational.
  • EUR 7.5 billion: The global allocation for Ingka Group's commitment to support 100 percent renewable-energy use across its value chain by 2030.
  • 450 workers: The approximate number of employees expected during the construction phase.
  • 10 to 15 personnel: The expected number of employees during the operational phase.
  • 50 percent: The reduction in value-chain emissions by FY2030 from a FY2016 baseline.
  • 2030: The target year for achieving net-zero emissions by Ingka Group.
  • 2050: The target year for achieving net-zero emissions without relying on carbon offsets by Ingka Group.
  • 2025: The target year for IKEA India to operate on 100 percent renewable energy.
  • 2026: The expected year for the solar project to commence operations.

Sources:

  • ANI (No date mentioned)
  • HT Digital Content Services (No date mentioned)
  • Ingka Group (No date mentioned)
  • Science Based Targets initiative (No date mentioned)
  • KNN (Knowledge & News Network) (No date mentioned)