By Anna Ringstrom

STOCKHOLM, (Reuters) – Ingka Group (owner of the majority of IKEA stores around the world) has purchased nine photovoltaic (PV), park projects in Germany, Spain and Germany for a combined total of 340m euros (or $373 million). This purchase is part of its efforts to produce more renewable energy than what it uses.

World’s most important furniture retailer, Ikea, announced Wednesday that it would purchase the two projects from Enerparc, a German developer. The combined power of these three projects is 440 megawatts.

According to a statement, “The anticipated production…will suffice to cover all IKEA shops and warehouses in both countries, rendering the operations of Ingka group carbon neutral.”

IKEA is a franchisor with Ingka, the primary franchisee for brand owner Inter IKEA. IKEA as an entire aims at being climate positive by reducing greenhouse gas emissions in its value chain by 30% by 2030.

These projects are still in the early stages of construction and will be available for use by 2022. Construction can continue through 2023. Construction will be completed in six months, according to Ingka Group.

This group currently owns 547 wind generators in 14 different countries and 10 solar parks. It also has 935,000 solar panels that are mounted on roofs at IKEA warehouses and stores. Together, they produce over 4 Terawatts.

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