6 Apr 2022
IKEA Unveils $373 Million Spending for Solar Park Initiatives in Spain and Germany
The Index Today
Ingka Group, which owns the majority of global IKEA outlets, has unveiled a new undertaking after purchasing nine solar photovoltaic (PV) park ventures in Spain and Germany worth $373 million.
According to Reuters, the company said that the solar parks would have a capacity of 440 megawatts in total. In a statement, the popular furniture retailer said, "The expected production ... will be sufficient to cover all IKEA stores and warehouses in the two countries, making the operations of Ingka Group carbon neutral."
Ingka Group announced, "The projects are at early stages and are expected to become ready for construction at the end of 2022, continuing into 2023. The construction itself will take roughly six months."
This venture is in line with IKEA’s commitment to cut down on greenhouse gas emissions surpassing levels emitted by its own facilities by 2030, in efforts to become more eco-friendly.