Ingka Investment, the investment arm of Ingka Group, owner of the IKEA retailer, has accelerated investments in renewable energy. The company acquired 49% of shares in eight solar parks in Russia. The total book value of these eight parks is over 21 billion rubles. The deal marks the first large-scale foreign investment in renewable energy in Russia.

The energy capacity of the parks is 160 megawatts. They will provide electricity to all 17 IKEA stores in Russia, as well as some of the MEGA shopping centers located throughout the country. An agreement has already been signed with Solar Systems LLC, which must now be approved by the Federal Antimonopoly Service (FAS).

Krister Mattsson, Managing Director of Ingka Investments, says the move is designed to support the company’s sustainability goals and contribute to IKEA’s drive to achieve positive climate mitigation results by 2030. He said that the company gives priority to Russia and the Asia-Pacific region in this matter.

Since 2009 Ingka  The Group has invested 2,5 billion euros in renewable energy sources and recently announced that it has produced more renewable energy worldwide than it consumes in the course of its operations.

Solar Systems says it is proud to partner with the Ingka Group and support IKEA and MEGA’s operations in Russia using renewable energy from its recently completed projects.

IKEA aims to improve the climate by 2030 by reducing greenhouse gas emissions more than the company’s supply chain, while growing its business. Today, the Ingka Group owns and operates 547 wind turbines in 14 countries, two solar parks and 935 solar panels on the rooftops of IKEA stores and warehouses. The total renewable energy capacity owned by the company exceeds 1,7 GW, which is equivalent to the annual consumption of more than 1 million European households.