Ingka Group to invest US$8.13b for renewable energy transition

The company adds US$1.08b of investments for the transition to renewable energy.

Leading IKEA retailer Ingka Group, through Ingka Investments, added US$1.08b (EUR 1b) of investments for the innovation and transitional technologies of renewable energy, bringing its total energy commitment to $8.13b (EUR 7.5b) by 2030.

The company previously devoted $4.34b (EUR 4b) in production, elevating the company into a mid-size renewable energy production company.

The US$1.08b investment will prompt a wider energy transition towards a renewable future and a phase-out of fossil fuels, as well as transitional technologies for energy storage, hydrogen as an energy carrier, green fuels and chemicals, early-stage project developments, giga project investment, and value chain.

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“This, combined with our new commitment of 1 BEUR for innovation and transformation, means we are proud to say we are on our way to becoming a major powerhouse in renewable energy,” Jesper Brodin, CEO of Ingka Group, stated.

Currently, Ingka Group has operated 593 wind turbines, 26 solar parks in 18 countries, producing 4 TWh for 1.25 million European households. Overall, its 59 assets hold a capacity of 2,254 MW, covering 12 solar parks, 44 wind farms, one offshore wind project, and one grid project.

Alongside the $1.08b investment, Ingka Group has also set a new Swedish next-generation offshore wind project.

1 USD = EUR 0.92