Ingka Investments, the investment arm of Ingka Group, the largest IKEA retailer, said it has invested 100% stake in a subsidy-free 210 MWp solar project located in Bikaner, Rajasthan, India, as part of a ₹1,000 crore investment plan in renewable energy in India. The solar project has reached construction-ready status and construction will begin shortly.
Start of operations is scheduled for December 2026. The company said total expected production is 380 GWh per year.
Frederik de Jong, head of renewable energy at Ingka Investments, said: “This is a milestone acquisition for us – it marks the first renewable energy investment for Ingka Investments in India – a country of immense importance to both IKEA retail and the IKEA supply chain. ” He said, “The new solar project in India will produce 380 GW of renewable energy annually – enough to power our growing retail, shopping centers and distribution operations. This is a major step towards making our retail business in India more sustainable, efficient and future-ready.
” As part of a global commitment, €7. 5 billion has been invested to support 100 percent renewable energy consumption across the value chain by 2030 and beyond.
Ingka Investments has invested and committed 4. 2 billion euros in renewable energy projects in wind and solar power around the world.
In India, the company is working with IB Vogt, an integrated large-scale solar PV developer headquartered in Germany with a strong presence in India and is developing, building and operating various large-scale RE projects across India. IB Vogt Solar India will also be the partner for the first three years of construction and operation.
The company said the construction and operation of the solar project will provide significant local employment to approximately 450 people during construction and 10 to 15 people during operation. Patrick Antony, CEO, IKEA India, said, “Over the last eight years, we have 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.