• The estimated output would be sufficient to cover all stores and warehouses of IKEA in the two countries.
• IKEA further wants to reduce greenhouse gas emissions by more than its entire value chain emits.

Ingka Group, which operates most of the IKEA shops globally, has reportedly spent a total sum of USD 373 million on nine solar photovoltaic park projects in Spain and Germany as a part of its plan to generate more renewable energy than it currently uses.

The world's largest furniture store also announced purchasing of the project from German developer Enerparc, with a total capacity of 440 megawatts.

According to a statement made by the company, the estimated output would be sufficient to cover all stores and warehouses of IKEA in the two countries, which will render Ingka Group’s operations to become climate friendly.

For those unaware, IKEA is a franchise system, with Ingka Group serving as the primary franchisee for IKEA. The company also wants to reduce greenhouse gas emissions by more than its entire value chain emits, thereby creating a positive climate by the year 2030.

According to Ingka Group, the projects are still in the planning stages, but they are scheduled to be ready for building by the end of 2022, with construction continuing into 2023, stating that the construction itself will take about six months.

It is worth mentioning here that the company owns 547 wind turbines in 14 countries, 10 solar parks as well as 935,000 solar panels on the rooftops of several IKEA shops and warehouses, accounting for more than 4 Terawatt hours of electricity.

In similar developments, Greek PM Kyriakos Mitsotakis has reportedly inaugurated a 204-megawatt solar park. The Prime Minister has also pledged to speed up permits for several renewable energy projects in the country.

Source Credits:

https://www.fxempire.com/news/article/ikea-invests-373-million-in-solar-park-projects-in-germany-spain-960061