Ingka Group acquires nine solar PV park projects across Germany and Spain

Ingka Group has made an acquisition of nine solar PV park projects of 440MW across Germany and Spain.

Ingka Group is an investment arm of IKEA which acquired the solar projects from developer ENERPARC.

According to the company, Ingka Investments will pay €340m for the PV development portfolio.

A report mentioned, "The expected energy capacity of the solar PV parks equals 300MW in Germany across four solar PV development projects and 140MW in Spain across five solar PV development projects."

It has been informed that the production of the solar PV parks in both countries will be equivalent to the electricity consumption of roughly 140,000 European households.

Ingka Investments managing director Krister Mattsson commented, "We are delighted to be announcing this important initiative to enable renewable electricity consumption in Germany and Spain, which is another step in accelerating our energy production in Europe and North America."

The company further stated that it plans to make renewable energy available throughout the IKEA value chain. For this, Ingka Investments has already invested over €2.7bn into renewable energy projects in wind and solar power.

It has been informed that the projects are currently at early stages. Currently, the company has 547 wind turbines in 14 countries.

ENERPARC chairman and chief executive Christoph Koeppen commented, "This partnership is in line with our dedicated strategy to develop a total of 10GW solar PV plants for our own portfolio and third-party portfolios until 2030."

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