Alina Oprea • 31 October, 2023 at 7:40 AM
Ingka Investments, the investment division of the Ingka Group, is acquiring a 300MWp ready-to-build photovoltaic park in Romania as part of its commitment to a renewable energy future. The total investment in the photovoltaic project amounts to over €200 million. The photovoltaic project is located in Dâmbovița County. Once operational, towards the end of 2025, it will be able to produce enough renewable energy for the equivalent of approximately 170,000 households in Romania.
"The development of the photovoltaic park is a step towards the production of renewable energy in the region of Dâmbovița County, but also a chance for Ingka Investments to contribute to the country's objectives regarding the energy mix and the consumption of renewable energy for 2030. With the help of our solar park, we want to make renewable energy available throughout the entire IKEA value chain and in all areas where we operate", said Peter van der Poel, Managing Director, Ingka Investments.
The Ingka Group already owns 9 wind farms in Romania, with a total capacity of 171 MW.
The construction of the solar park in Dâmbovița County will further reduce the climate footprint by increasing Ingka's production of renewable energy in this area.
This will enable the Ingka Group to provide renewable energy to a greater number of local suppliers in the extended value chain.
Ingka Investments has set out to invest €6.5 billion to support 100% renewable energy consumption. Of this amount, €4 billion are already invested in renewable energy projects in the field of wind and solar energy.
The development of the latest photovoltaic park in Romania is part of IKEA's commitment to have a positive climate impact by 2030, by reducing more greenhouse gas emissions than the IKEA value chain emits, while developing the business IKEA. As the largest retailer in the IKEA franchise system, Ingka Group's contribution is essential to achieving the 2030 goals.
The Ingka Group owns 594 wind turbines and 29 solar parks in 19 countries and more than 1 million solar panels on the roofs of IKEA stores and warehouses. Together, they have a production capacity of over 5 TWh, equivalent to the annual electricity consumption of over 1.25 million European households.