Ingka Investments makes its first renewable energy investment in India

The solar project has reached a ready-to-build status, and construction will begin shortly. It is expected to start operations in December 2026

Ingka Investment launches its first renewable energy project in the country -- a 210 MWp solar installation in Bikaner, Rajasthan. This is part of its ₹1,000 crore renewable energy commitment to India, it said in a release.

 

The solar project has reached a ready-to-build status, and construction will begin shortly and is expected to start operations in December 2026. The total expected production is 380 GWh per year.

 

In India, Ingka Investments is working with ib vogt, an integrated large-scale solar PV developer headquartered in Germany with presence in India and is developing, constructing, and operating various large-scale RE projects across India. ib vogt Solar India will also be the partner for construction and the first three years of operations, the release said.

 

 

The construction and operations of the solar project is estimated to provide local employment to around 450 people during construction and 10 to 15 others during operations.

 

Frederik de Jong, head of renewable energy at Ingka Investments, said in the release, “This is a milestone acquisition for us -- it marks the first renewable energy investment for Ingka Investments in India -- a country of outmost importance both for IKEA retail and the IKEA supply chain. The new solar project in India will produce 380 GWh of renewable energy annually -- more than enough to power our growing retail, shopping centre, and distribution operations. It’s a big step in making our retail business in India more sustainable, efficient, and future-ready.”

 

As part of a global commitment, €7.5 billion has been committed to support 100 per cent renewable energy consumption across the value chain and beyond by 2030. 

 

Ingka Investments has invested and committed €4.2 billion into renewable energy projects in wind and solar power worldwide.

 

Patrik Antoni, CEO, IKEA India, also said in the release, “At IKEA, sustainability is at the heart of everything we do. Over the past eight years, we’ve invested in making our retail journey more sustainable. Designed with energy efficiency at the core, two of our large-format stores (Bangalore and Navi Mumbai) are LEED Gold certified, and we are working towards Platinum certification in Gurugram and Noida.” 

 

He added, “As a founding member of RE100, we are on track to power our operations with 100 per cent renewable energy by 2025. We’re also proud of our 100% zero-emission EV deliveries in key cities and are committed to expanding this across all future markets. With EV charging stations in our stores and energy-saving solutions for our customers, and now also an investment in a solar project, we’re inspiring positive change and contributing to a cleaner, more sustainable future for India.”

 

As a global business operating in 31 countries, Ingka Group is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C. In November 2023, the company strengthened its climate targets in alignment with the Science Based Targets initiative (SBTi) Corporate Net-Zero Standard, its release said. 

 

The targets were approved by SBTi in April 2024 and include a commitment to reduce absolute greenhouse gas emissions from the value chain by at least 50% by FY30 (compared to FY16 baseline) and reach net zero emissions by 2050, without relying on carbon offsets to meet these absolute reduction targets, the release added.